Equity Futures Partially Retrace Some of Tuesday's Gains

The Eurostoxx 50 futures outlook remains bearish, however, the strong recovery from Monday’s low of 4057.00 has resulted in a break of both the 20- and 50-day EMAs. A continuation higher would signal scope for 4184.50, a Fibonacci retracement. Key resistance and the bull trigger is at 4268.00, the Mar 6 high. On the downside, a reversal lower and a breach of 3914.00 would resume the recent downtrend. S&P E-Minis have continued to climb as the contract extends the recovery from 3839.25, Mar 13 low. Key short-term resistance to watch is the 50-day EMA at 4025.43. The average was breached yesterday and a clear break would strengthen a short-term bullish theme and signal scope for a climb towards 4119.50, the Mar 6 high. A failure to hold on to recent gains would refocus attention on key support at 3839.25, the Mar 13 low.

• Japan's NIKKEI closed higher by 520.94 pts or +1.93% at 27466.61 and the TOPIX ended 33.63 pts higher or +1.74% at 1962.93.
• Elsewhere, in China the SHANGHAI closed higher by 10.098 pts or +0.31% at 3265.748 and the HANG SENG ended 332.67 pts higher or +1.73% at 19591.43.
• Across Europe, Germany's DAX trades higher by 17.07 pts or +0.11% at 15185.4, FTSE 100 lower by 10.26 pts or -0.14% at 7516.39, CAC 40 down 9.09 pts or -0.13% at 7091.88 and Euro Stoxx 50 up 0.95 pts or +0.02% at 4175.25.
• Dow Jones mini down 63 pts or -0.19% at 32713, S&P 500 mini down 9.75 pts or -0.24% at 4026.75, NASDAQ mini down 52 pts or -0.4% at 12820.5.