EQUITIES: Futures Maintain Bullish Theme Despite Recent Pullback

A bullish EUROSTOXX 50 futures outlook remains intact despite the pullback from Tuesday’s high of 3679.00. Recent gains have resulted in a print above resistance at 3678.00, the Sep 13 high. Clearance of this level would strengthen bullish conditions and pave the way for gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. S&P E-Minis traded lower Thursday, extending the pullback from 3928.00, the Nov 1 high. Despite the latest retracement, a bull cycle remains in play following the recovery from 3502.00, Oct 13 low. A resumption of gains would refocus attention on 3928.00, where a break would confirm the bull theme and open 3981.25, Sep 14 high. Key short-term support to watch is 3641.50, the Oct 21 low. A break would strengthen any developing bearish threat.

• Japan's NIKKEI closed lower by 463.65 pts or -1.68% at 27199.74 and the TOPIX ended 25.06 pts lower or -1.29% at 1915.4.
• Elsewhere, in China the SHANGHAI closed higher by 72.99 pts or +2.43% at 3070.796 and the HANG SENG ended 821.65 pts higher or +5.36% at 16161.14.
• Across Europe, Germany's DAX trades higher by 87.19 pts or +0.66% at 13217.1, FTSE 100 higher by 49.5 pts or +0.69% at 7238.45, CAC 40 up 52.59 pts or +0.84% at 6295.66 and Euro Stoxx 50 up 24.75 pts or +0.69% at 3617.78.
• Dow Jones mini up 84 pts or +0.26% at 32101, S&P 500 mini up 13 pts or +0.35% at 3740.5, NASDAQ mini up 48 pts or +0.45% at 10776.25.