E-Mini S&P Targets Resistance at Top of Bull Channel at $5379.92

A bullish trend condition in Eurostoxx 50 futures remains intact and yesterday’s gains reinforce current conditions. The move higher confirms once again a resumption of the uptrend and this has also resulted in a break of the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4896.30, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and this week’s extension reinforces this theme. The break of 5257.25, Mar 8 high, confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. MA studies are in a bull-mode position reflecting positive market sentiment. Sights are on 5379.92, the top of a bull channel drawn from the Jan 17 low. Initial firm support is at 5196.99, the 20-day EMA.

• Japan's NIKKEI closed higher by 72.77 pts or +0.18% at 40888.43 and the TOPIX ended 17.01 pts higher or +0.61% at 2813.22.
• Elsewhere, in China the SHANGHAI closed lower by 29.079 pts or -0.95% at 3048.034 and the HANG SENG ended 363.63 pts lower or -2.16% at 16499.47.
• Across Europe, Germany's DAX trades higher by 10.78 pts or +0.06% at 18190.68, FTSE 100 higher by 39.43 pts or +0.5% at 7922.26, CAC 40 down 24.17 pts or -0.3% at 8155.59 and Euro Stoxx 50 down 21.79 pts or -0.43% at 5030.52.
• Dow Jones mini up 20 pts or +0.05% at 40226, S&P 500 mini up 5.5 pts or +0.1% at 5308, NASDAQ mini up 29.25 pts or +0.16% at 18590.5.