E-Mini S&P Recover from Wednesday's Lows

Eurostoxx 50 futures are trading at their recent lows. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract is testing support at 4857.50, the 50-day EMA and a key pivot price point. A clear break of this average would signal scope for a deeper retracement and open 4826.00, the Mar 5 low. Initial resistance to watch is 4990.00, the Apr 15 high. The short-term trend condition in S&P E-Minis is unchanged and remains bearish with price trading closer to this week’s lows. The contract has traded through support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5018.00, the Feb 21 low, ahead of the 5000.00 handle. Firm resistance is seen at 5195.21, the 20-day EMA. A clear break of the average would signal a possible reversal.

• Japan's NIKKEI closed higher by 117.9 pts or +0.31% at 38079.7 and the TOPIX ended 14.3 pts higher or +0.54% at 2677.45.
• Elsewhere, in China the SHANGHAI closed higher by 2.844 pts or +0.09% at 3074.225 and the HANG SENG ended 134.03 pts higher or +0.82% at 16385.87.
• Across Europe, Germany's DAX trades higher by 18.45 pts or +0.1% at 17788.39, FTSE 100 higher by 40.36 pts or +0.51% at 7887.96, CAC 40 up 40.62 pts or +0.51% at 8022.13 and Euro Stoxx 50 up 21.74 pts or +0.44% at 4935.87.
• Dow Jones mini up 49 pts or +0.13% at 38039, S&P 500 mini up 14.25 pts or +0.28% at 5076.5, NASDAQ mini up 73.5 pts or +0.42% at 17731.5.