US, European Futures Consolidating After Recent Recovery

EUROSTOXX 50 futures maintain a firmer tone following the recent recovery from 3251.00, Oct 13 low. The move higher has resulted in a break of the 50-day EMA and resistance at 3492.00, the Oct 6 high and a bull trigger. Price has also arrived at a trendline resistance drawn from the Aug 17 high. Initial firm support is at 3352.00, the Oct 14 low. Despite the pullback, S&P E-Minis maintains a firmer tone following last week’s reversal from 3502.00, the Oct 13 low. The latest recovery suggests the contract has entered a corrective phase and if correct, this is allowing an oversold trend condition to unwind. The 20-day EMA has been breached. The break reinforces a bullish theme and opens 3820.00, the Oct 5 high and a bull trigger. Key support is unchanged at 3502.00.

• Japan's NIKKEI closed lower by 250.42 pts or -0.92% at 27006.96 and the TOPIX ended 9.65 pts lower or -0.51% at 1895.41.
• Elsewhere, in China the SHANGHAI closed lower by 9.328 pts or -0.31% at 3035.05 and the HANG SENG ended 213.84 pts lower or -1.3% at 16313.65.
• Across Europe, Germany's DAX trades lower by 99.15 pts or -0.78% at 12656.81, FTSE 100 lower by 10.08 pts or -0.15% at 6920.33, CAC 40 up 4.61 pts or +0.08% at 6056.31 and Euro Stoxx 50 down 14.07 pts or -0.41% at 3462.9.
• Dow Jones mini down 92 pts or -0.3% at 30372, S&P 500 mini down 25.5 pts or -0.69% at 3682, NASDAQ mini down 119.5 pts or -1.07% at 11032.75.