E-Mini S&P Recovers Towards 4000.00 After Slipping to Feb Low Friday

Eurostoxx 50 futures finished near the lows of the week, with the 4175 level the lowest print since early February. Last week, dip buyers emerged on Wednesday to contain any break lower, but the shallow bounce off the Friday lows suggests a lower range to begin the week. Key support remains at 4097.00, the Jan 19 low. Major resistance holds at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low. Further slippage Friday put the S&P E-Minis to fresh February lows, with weakness extending through the close. Last week’s price action put prices below first support at the 50-day EMA at 4024.94 and tilts the near-term view lower. 3901.75 marks next support, the Jan 19 low, although vol band support at 3940.3 could slow any decline. For the outlook to improve, bulls look for a close above the mid-week high at 4034.25.

• Japan's NIKKEI closed lower by 29.52 pts or -0.11% at 27423.96 and the TOPIX ended 4.38 pts higher or +0.22% at 1992.78.
• Elsewhere, in China the SHANGHAI closed lower by 9.126 pts or -0.28% at 3258.034 and the HANG SENG ended 66.53 pts lower or -0.33% at 19943.51.
• Across Europe, Germany's DAX trades higher by 222.42 pts or +1.46% at 15432.17, FTSE 100 higher by 65.48 pts or +0.83% at 7943.98, CAC 40 up 109.15 pts or +1.52% at 7296.42 and Euro Stoxx 50 up 70.91 pts or +1.7% at 4249.73.
• Dow Jones mini up 147 pts or +0.45% at 32971, S&P 500 mini up 20.75 pts or +0.52% at 3996.25, NASDAQ mini up 80 pts or +0.67% at 12076.25.