E-Mini S&P Trades Below 4000.00 Following Post-Powell Move Lower

Eurostoxx 50 futures remain above key support - the base of a bull channel drawn from the Oct 13 low. The line intersects at 4230.60. While channel support holds, the broader uptrend remains intact. Monday’s gains resulted in a test of 4323.00, the Feb 16 high and bull trigger. A clear break would resume the uptrend. On the downside, a breach of the channel base alters the picture. The S&P E-Minis trend condition is bearish and yesterday’s move lower signals the end of the recent corrective bounce. A continuation lower would pave the way for weakness towards the next key support at 3925.00, Mar 2 low. This level is a bear trigger and a breach would confirm a resumption of the bear leg that started on Feb 2. For bulls, a break of 4082.50, the Mar 6 high, is required to reinstate a bullish theme.

• Japan's NIKKEI closed higher by 135.03 pts or +0.48% at 28444.19 and the TOPIX ended 6.23 pts higher or +0.3% at 2051.21.
• Elsewhere, in China the SHANGHAI closed lower by 1.851 pts or -0.06% at 3283.248 and the HANG SENG ended 483.23 pts lower or -2.35% at 20051.25.
• Across Europe, Germany's DAX trades lower by 23.51 pts or -0.15% at 15535.31, FTSE 100 lower by 25.57 pts or -0.32% at 7893.74, CAC 40 down 26.39 pts or -0.36% at 7312.88 and Euro Stoxx 50 down 8.28 pts or -0.19% at 4270.68.
• Dow Jones mini up 20 pts or +0.06% at 32885, S&P 500 mini up 1 pts or +0.03% at 3991, NASDAQ mini up 2.75 pts or +0.02% at 12172.