EQUITIES: Uptrend in E-Mini S&P Intact Despite Latest Pullback

Eurostoxx 50 futures are in consolidation mode. The recent trend condition 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. Support at the 20-day EMA has been pierced. The next level to watch is 4962.80, 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 5265.28, the 20-day EMA.

• Japan's NIKKEI closed lower by 298.5 pts or -0.77% at 38556.87 and the TOPIX ended 26.88 pts lower or -0.97% at 2741.62.
• Elsewhere, in China the SHANGHAI closed higher by 1.446 pts or +0.05% at 3111.018 and the HANG SENG ended 344.15 pts lower or -1.83% at 18477.01.
• Across Europe, Germany's DAX trades lower by 81.09 pts or -0.43% at 18597.36, FTSE 100 lower by 14.67 pts or -0.18% at 8239.41, CAC 40 down 49.2 pts or -0.61% at 8008.6 and Euro Stoxx 50 down 20.83 pts or -0.41% at 5009.52.
• Dow Jones mini down 163 pts or -0.42% at 38781, S&P 500 mini down 28.75 pts or -0.54% at 5296, NASDAQ mini down 118 pts or -0.62% at 18822.5.