E-Mini S&P Trading Within Range of Bear Trigger

Eurostoxx 50 futures continue to trade above key support - the base of a bull channel drawn from the Oct 13 low. The line intersects at 4239.90. While this 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 Tuesday's move lower signals the end of the recent corrective bounce. An extension of weakness would pave the way for a move towards the next key support at 3925.00, Mar 2 low. This level is a bear trigger and a break would confirm a resumption of the bear leg that started Feb 2. For bulls, clearance of 4082.50, the Mar 6 high, is required to reinstate a bullish theme.

• Japan's NIKKEI closed higher by 178.96 pts or +0.63% at 28623.15 and the TOPIX ended 19.88 pts higher or +0.97% at 2071.09.
• Elsewhere, in China the SHANGHAI closed lower by 7.154 pts or -0.22% at 3276.094 and the HANG SENG ended 125.51 pts lower or -0.63% at 19925.74.
• Across Europe, Germany's DAX trades lower by 26.4 pts or -0.17% at 15605.64, FTSE 100 lower by 54.75 pts or -0.69% at 7875.31, CAC 40 down 27.89 pts or -0.38% at 7296.87 and Euro Stoxx 50 down 15.01 pts or -0.35% at 4273.44.
• Dow Jones mini down 45 pts or -0.14% at 32769, S&P 500 mini down 11.5 pts or -0.29% at 3983.25, NASDAQ mini down 68.75 pts or -0.56% at 12158.25.