E-Mini S&Ps Remain Close to April Highs

A key short-term support in Eurostoxx 50 futures at 4288.90 has been pierced - the 20-day EMA. The recent move lower is considered corrective - for now - and a clear break of the average is required to highlight scope for a deeper correction. This would open 4214.90, the 50-day EMA. On the upside, a break of 4363.00, the Apr 21 high and bull trigger, would confirm a resumption of the uptrend. S&P E-minis rallied late last week to erase the sell-off earlier in the week and cancel a bearish threat. The contract traded higher Monday, piercing resistance at 4198.25, the Apr 18 high. Clearance of this level would confirm a resumption of the uptrend that started Mar 13 and open 4244.00, the Feb 2 high. On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A break would be bearish.

• Japan's NIKKEI closed higher by 34.77 pts or +0.12% at 29157.95 and the TOPIX ended 2.53 pts lower or -0.12% at 2075.53.
• Across Europe, Germany's DAX trades lower by 44.86 pts or -0.28% at 15879.28, FTSE 100 lower by 0.48 pts or -0.01% at 7870.18, CAC 40 down 28.39 pts or -0.38% at 7464.03 and Euro Stoxx 50 down 14.67 pts or -0.34% at 4345.03.
• Dow Jones mini down 50 pts or -0.15% at 34103, S&P 500 mini down 5.25 pts or -0.13% at 4180.5, NASDAQ mini up 1.5 pts or +0.01% at 13307.75.