E-Mini S&P Shows Below 4000.00 Handle Following Tuesday Slip

Dip buyers emerged in EUROSTOXX 50 futures Tuesday, with prices rapidly bouncing off the 4215.00 lows. Nonetheless, prices remain just below first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA. Slippage Tuesday put the S&P E-Minis lower through the London close, with weakness extending into the Wednesday European open. This puts prices below first support at the 50-day EMA at 4031.50 and tilts the near-term view lower. 3901.75 marks next support, the Jan 19 low.

• Japan's NIKKEI closed lower by 368.78 pts or -1.34% at 27104.32 and the TOPIX ended 22.21 pts lower or -1.11% at 1975.25.
• Elsewhere, in China the SHANGHAI closed lower by 15.376 pts or -0.47% at 3291.148 and the HANG SENG ended 105.65 pts lower or -0.51% at 20423.84.
• Across Europe, Germany's DAX trades lower by 137.82 pts or -0.9% at 15274.67, FTSE 100 lower by 87.49 pts or -1.1% at 7898.65, CAC 40 down 71.04 pts or -0.97% at 7247.66 and Euro Stoxx 50 down 41.66 pts or -0.98% at 4215.42.
• Dow Jones mini down 19 pts or -0.06% at 33158, S&P 500 mini down 2 pts or -0.05% at 4004.75, NASDAQ mini down 10.5 pts or -0.09% at 12089.25.