E-Mini S&Ps Pare the Majority of Thursday's Losses

Eurostoxx 50 futures remain in consolidation mode. Price is trading above support at 4233.90, the 50-day EMA. The recent move down is considered corrective and the broader uptrend is 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 are consolidating and continue to trade above the 50-day EMA, which intersects at 4106.37. 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 a bearish development.

• Japan's NIKKEI closed higher by 261.58 pts or +0.9% at 29388.3 and the TOPIX ended 13.3 pts higher or +0.64% at 2096.39.
• Elsewhere, in China the SHANGHAI closed lower by 37.189 pts or -1.12% at 3272.362 and the HANG SENG ended 116.55 pts lower or -0.59% at 19661.93.
• Across Europe, Germany's DAX trades higher by 79.98 pts or +0.51% at 15889.77, FTSE 100 higher by 32.92 pts or +0.43% at 7761.84, CAC 40 up 64.4 pts or +0.87% at 7437.07 and Euro Stoxx 50 up 25.8 pts or +0.6% at 4327.93.
• Dow Jones mini up 154 pts or +0.46% at 33488, S&P 500 mini up 17.5 pts or +0.42% at 4157.75, NASDAQ mini up 33.75 pts or +0.25% at 13477.