E-Mini S&P Trend Conditions Bearish Despite Recovery From Thursday Low

Eurostoxx 50 futures remain above last 4175.00, the Feb 24 low. Key support to watch is 4202.50, the base of a bull channel drawn from the Oct 13 low - the line was pierced yesterday. While channel support holds, the broader uptrend remains intact and a resumption of gains would expose the bull trigger at 4323.00, Feb 16 high. A break of this hurdle would resume the uptrend. On the downside, a breach of the channel base alters the picture. S&P E-Minis trend conditions are bearish despite the recovery from Thursday’s session low. Price remains below the 50-day EMA, at 4018.89 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. Resistance to watch is at both the 50-day EMA and 4033.48, the 20-day EMA. Note that a clear break of both these EMAs would signal a possible reversal.

• Japan's NIKKEI closed higher by 428.6 pts or +1.56% at 27927.47 and the TOPIX ended 24.95 pts higher or +1.25% at 2019.52.
• Elsewhere, in China the SHANGHAI closed higher by 17.739 pts or +0.54% at 3328.393 and the HANG SENG ended 138.08 pts higher or +0.68% at 20567.54.
• Across Europe, Germany's DAX trades higher by 117.89 pts or +0.77% at 15465.92, FTSE 100 higher by 15.7 pts or +0.2% at 7970.34, CAC 40 up 34.85 pts or +0.48% at 7326.77 and Euro Stoxx 50 up 27.03 pts or +0.64% at 4273.24.
• Dow Jones mini up 16 pts or +0.05% at 33016, S&P 500 mini up 4.75 pts or +0.12% at 3987.5, NASDAQ mini up 16.5 pts or +0.14% at 12080.