E-Mini S&Ps Recover from Friday Lows Though Remain Within Recent Ranges

Eurostoxx 50 futures remain in consolidation mode. Price is trading above support at 4239.10, the 50-day EMA. The recent move down is considered corrective and the broader uptrend is intact. A resumption of gains would signal scope for a test of 4363.00, the Apr 21 high and a 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 in consolidation mode and continue to trade above the 50-day EMA, which intersects at 4107.61. An extension higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A break 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 instead highlight a bearish threat.

• Japan's NIKKEI closed higher by 238.04 pts or +0.81% at 29626.34 and the TOPIX ended 18.46 pts higher or +0.88% at 2114.85.
• Elsewhere, in China the SHANGHAI closed higher by 38.375 pts or +1.17% at 3310.737 and the HANG SENG ended 343.89 pts higher or +1.75% at 19971.13.
• Across Europe, Germany's DAX trades higher by 17.3 pts or +0.11% at 15934.21, FTSE 100 higher by 18.32 pts or +0.24% at 7773.39, CAC 40 up 26.69 pts or +0.36% at 7444.17 and Euro Stoxx 50 up 6.83 pts or +0.16% at 4325.94.
• Dow Jones mini up 103 pts or +0.31% at 33444, S&P 500 mini up 14 pts or +0.34% at 4150.25, NASDAQ mini up 38 pts or +0.28% at 13427.5.