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EQUITIES: Eurostoxx 50 Futures Extend Corrective Recovery From Last Week's Lows

EQUITIES
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The trend condition in Eurostoxx 50 futures remains bullish and the recent  pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Key trend support is 4762.00, the Apr 19 low. Support at the 20-day EMA has been pierced. The next level to watch is 4959.80, the 50-day EMA. The uptrend in S&P E-Minis remains intact and the pullback last Thursday appears to have been a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains have also resulted in a break of 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and opens 5372.73, a Fibonacci projection. Moving average studies are in a bull-mode set-up. Initial support is 5259.02, the 20-day EMA.    

  • Japan's NIKKEI closed lower by 44.65 pts or -0.11% at 38855.37 and the TOPIX ended 2.14 pts higher or +0.08% at 2768.5.
  • Elsewhere, in China the SHANGHAI closed lower by 14.471 pts or -0.46% at 3109.572 and the HANG SENG ended 6.19 pts lower or -0.03% at 18821.16.
  • Across Europe, Germany's DAX trades higher by 64.82 pts or +0.35% at 18838.87, FTSE 100 lower by 9.26 pts or -0.11% at 8309.19, CAC 40 down 12.1 pts or -0.15% at 8122.38 and Euro Stoxx 50 up 8.96 pts or +0.18% at 5068.74.
  • Dow Jones mini up 26 pts or +0.07% at 39185, S&P 500 mini up 15 pts or +0.28% at 5337.5, NASDAQ mini up 92.75 pts or +0.49% at 18973.
     
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The trend condition in Eurostoxx 50 futures remains bullish and the recent  pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection. Key trend support is 4762.00, the Apr 19 low. Support at the 20-day EMA has been pierced. The next level to watch is 4959.80, the 50-day EMA. The uptrend in S&P E-Minis remains intact and the pullback last Thursday appears to have been a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains have also resulted in a break of 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and opens 5372.73, a Fibonacci projection. Moving average studies are in a bull-mode set-up. Initial support is 5259.02, the 20-day EMA.    

  • Japan's NIKKEI closed lower by 44.65 pts or -0.11% at 38855.37 and the TOPIX ended 2.14 pts higher or +0.08% at 2768.5.
  • Elsewhere, in China the SHANGHAI closed lower by 14.471 pts or -0.46% at 3109.572 and the HANG SENG ended 6.19 pts lower or -0.03% at 18821.16.
  • Across Europe, Germany's DAX trades higher by 64.82 pts or +0.35% at 18838.87, FTSE 100 lower by 9.26 pts or -0.11% at 8309.19, CAC 40 down 12.1 pts or -0.15% at 8122.38 and Euro Stoxx 50 up 8.96 pts or +0.18% at 5068.74.
  • Dow Jones mini up 26 pts or +0.07% at 39185, S&P 500 mini up 15 pts or +0.28% at 5337.5, NASDAQ mini up 92.75 pts or +0.49% at 18973.