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Thursday Futures Pullback Considered Corrective

EQUITIES
  • A bullish EUROSTOXX 50 futures outlook remains intact and price is consolidating at its recent highs. Resistance at 3810.00, the Aug 17 high and an important bull trigger, has recently been breached. Moving average studies remain in a bull mode set-up and this highlights positive market sentiment. The focus is on 3944.00, Mar 29 high on the continuation chart. Initial firm support lies at 3697.00, the Nov 10 low.
  • S&P E-Minis traded lower Thursday. The short-term outlook remains bullish and a pullback is considered corrective. A bullish theme follows recent strong gains that resulted in a break of 3928.00, the Nov 1 high. This strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. The focus is on 4100.00 next. On the downside, key short-term support is at 3704.25, the Nov 3 low.

  • Japan's NIKKEI closed lower by 30.8 pts or -0.11% at 27899.77 and the TOPIX ended 0.75 pts higher or +0.04% at 1967.03.
  • Elsewhere, in China the SHANGHAI closed lower by 18.192 pts or -0.58% at 3097.243 and the HANG SENG ended 53.12 pts lower or -0.29% at 17992.54.
  • Across Europe, Germany's DAX trades higher by 135.01 pts or +0.95% at 14315.29, FTSE 100 higher by 44.28 pts or +0.6% at 7361.68, CAC 40 up 62.37 pts or +0.95% at 6611.12 and Euro Stoxx 50 up 40.11 pts or +1.03% at 3896.67.
  • Dow Jones mini up 66 pts or +0.2% at 33515, S&P 500 mini up 12.5 pts or +0.32% at 3949, NASDAQ mini up 43 pts or +0.37% at 11690.25.
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