Bullish E-Mini S&P Close to Recent Cycle Highs

A bullish trend condition in Eurostoxx 50 futures remains intact and the contract has traded to fresh cycle highs this week. The climb once again confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4936.90, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Recent gains reinforce this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5416.33, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5226.59, the 20-day EMA. A move lower is considered corrective.

• Japan's NIKKEI closed lower by 594.66 pts or -1.46% at 40168.07 and the TOPIX ended 48.47 pts lower or -1.73% at 2750.81.
• Elsewhere, in China the SHANGHAI closed higher by 17.525 pts or +0.59% at 3010.664 and the HANG SENG ended 148.58 pts higher or +0.91% at 16541.42.
• Across Europe, Germany's DAX trades higher by 22.59 pts or +0.12% at 18487.34, FTSE 100 higher by 23.31 pts or +0.29% at 7953.34, CAC 40 up 22.04 pts or +0.27% at 8222.86 and Euro Stoxx 50 up 12.65 pts or +0.25% at 5092.06.
• Dow Jones mini down 7 pts or -0.02% at 40132, S&P 500 mini down 2.75 pts or -0.05% at 5306, NASDAQ mini down 11.75 pts or -0.06% at 18498.