E-Mini S&P Extends Current Bull Cycle

Eurostoxx 50 futures continue to trade above 4762.00, the Apr 19 low. The contract recently traded through the 20-day EMA and resistance at 4990.00, the Apr 15 high. This highlights a potentially stronger reversal. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Initial resistance is at 5006.00, the Apr 30 high. Key support lies at 4762.00, a break would be bearish. Initial support to watch is 4880.90, the 50-day EMA. S&P E-Minis traded higher Monday, extending the current bull cycle. The contract has traded through resistance at the 20-day EMA and is trading at its recent highs. This highlights a stronger short-term bullish condition and a continuation higher would expose the key resistance and bull trigger at 5333.50, the Apr 1 high. Initial resistance is 5246.18, a Fibonacci retracement. Firm support lies at 5036.25, the May 2 low.

• Japan's NIKKEI closed higher by 599.03 pts or +1.57% at 38835.1 and the TOPIX ended 17.69 pts higher or +0.65% at 2746.22.
• Elsewhere, in China the SHANGHAI closed higher by 7.018 pts or +0.22% at 3147.738 and the HANG SENG ended 98.93 pts lower or -0.53% at 18479.37.
• Across Europe, Germany's DAX trades higher by 78.59 pts or +0.43% at 18252.42, FTSE 100 higher by 96.25 pts or +1.17% at 8308.43, CAC 40 up 19.54 pts or +0.24% at 8016.18 and Euro Stoxx 50 up 20.17 pts or +0.41% at 4977.13.
• Dow Jones mini up 28 pts or +0.07% at 39023, S&P 500 mini up 1 pts or +0.02% at 5207, NASDAQ mini down 18.75 pts or -0.1% at 18175.25.