Equity Futures Technically Bullish Despite Recent Pullbacks

Eurostoxx 50 futures maintain a firmer tone despite the latest pullback. Price has recently pierced resistance at 4268.00, the Mar 6 high and a key hurdle for bulls. A clear break of this level would strengthen bullish conditions and open 4300.00 next. Moving average studies are in a bull-mode set-up and this highlights a broader uptrend. Initial firm support lies at 4173.00, the 20-day EMA. S&P E-minis maintains a bullish tone and pullbacks are considered corrective. Price has recently breached resistance at 4119.50, reinforcing a bullish theme. The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4039.75, the 50-day EMA.

• Japan's NIKKEI closed lower by 340.63 pts or -1.22% at 27472.63 and the TOPIX ended 22.56 pts lower or -1.14% at 1961.28.
• Elsewhere, in China the SHANGHAI closed higher by 0.07 pts or +0% at 3312.628 and the HANG SENG ended 44.93 pts higher or +0.22% at 20316.48.
• Across Europe, Germany's DAX trades higher by 40.61 pts or +0.26% at 15564.25, FTSE 100 higher by 37.77 pts or +0.49% at 7702.67, CAC 40 up 17.73 pts or +0.24% at 7335.26 and Euro Stoxx 50 up 8.73 pts or +0.2% at 4307.37.
• Dow Jones mini up 18 pts or +0.05% at 33674, S&P 500 mini up 0.75 pts or +0.02% at 4118, NASDAQ mini down 3 pts or -0.02% at 13076.5.