E-Mini S&P Futures Trade Lower Friday, But Respects Recent Ranges

Eurostoxx 50 futures are consolidating. The uptrend remains intact and recent gains have reinforced the bullish significance of the break of 4268.00, the Mar 6 high and a former key resistance. The breach confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 4381.50, the Jan 5 2022 high (cont). Initial firm support lies at 4257.40, the 20-day EMA. The trend outlook in S&P E-minis remains bullish and the latest move lower (from Tuesday’s high) is considered corrective. Support to watch lies at 4119.30, the 20-day EMA where a break is required to suggest scope for a deeper pullback - this would expose 4077.86, the 50-day EMA. Attention is on the 4200.00 handle where a break would resume the uptrend and open 4205.50,Feb 16 high ahead of 4244.00, the Feb 2 high and key resistance.

• Japan's NIKKEI closed lower by 93.2 pts or -0.33% at 28564.37 and the TOPIX ended 4.67 pts lower or -0.23% at 2035.06.
• Elsewhere, in China the SHANGHAI closed lower by 65.773 pts or -1.95% at 3301.258 and the HANG SENG ended 321.24 pts lower or -1.57% at 20075.73.
• Across Europe, Germany's DAX trades lower by 42.8 pts or -0.27% at 15750.34, FTSE 100 higher by 7.42 pts or +0.09% at 7909.38, CAC 40 down 0.44 pts or -0.01% at 7537.98 and Euro Stoxx 50 down 4.17 pts or -0.1% at 4380.43.
• Dow Jones mini down 19 pts or -0.06% at 33892, S&P 500 mini down 1.25 pts or -0.03% at 4151.5, NASDAQ mini up 1.75 pts or +0.01% at 13076.5.