E-Mini S&P Shy of Resistance at 5120.92, the 20-Day EMA

Eurostoxx 50 futures are trading above 4762.00, the Apr 19 low. On the upside, 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. Key support lies at 4762.00, a break would be bearish. Initial support to watch is 4877.90, the 50-day EMA. The short-term trend condition in S&P E-Minis remains bearish and recent gains appear to be a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5120.92, the 20-day EMA, has been pierced. A clear breach would instead signal a reversal and expose key resistance at 5333.50, Apr 1 high.

• Across Europe, Germany's DAX trades higher by 59.41 pts or +0.33% at 17951.26, FTSE 100 higher by 24.91 pts or +0.3% at 8199.74, CAC 40 up 37.6 pts or +0.48% at 7950.24 and Euro Stoxx 50 up 22.26 pts or +0.46% at 4911.41.
• Dow Jones mini up 256 pts or +0.67% at 38631, S&P 500 mini up 15.75 pts or +0.31% at 5107, NASDAQ mini up 108.5 pts or +0.61% at 17756.75.