E-Mini S&Ps Dip Ahead of US CPI, Remain Above 50-Day EMA

Eurostoxx 50 futures are holding on to the bulk of its most recent gains and price remains above support at 4231.60, the 50-day EMA. The recent move down is considered corrective and the broader uptrend remains intact. A continuation higher would signal scope for a test of 4363.00, the Apr 21 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend. A clear break of the 50-day EMA is required to signal a top. S&P E-minis remain above the 50-day EMA, which intersects at 4103.05. A continuation higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A breach of this level would confirm a resumption of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this support would be bearish.

• Japan's NIKKEI closed lower by 120.64 pts or -0.41% at 29122.18 and the TOPIX ended 11.64 pts lower or -0.55% at 2085.91.
• Elsewhere, in China the SHANGHAI closed lower by 38.52 pts or -1.15% at 3319.151 and the HANG SENG ended 105.38 pts lower or -0.53% at 19762.2.
• Across Europe, Germany's DAX trades lower by 42.77 pts or -0.27% at 15911.12, FTSE 100 lower by 12.06 pts or -0.16% at 7751.96, CAC 40 down 16.84 pts or -0.23% at 7380.33 and Euro Stoxx 50 down 11.66 pts or -0.27% at 4311.43.
• Dow Jones mini down 47 pts or -0.14% at 33588, S&P 500 mini down 6 pts or -0.15% at 4127.75, NASDAQ mini down 30.5 pts or -0.23% at 13234.