European, US Equity Futures Recover From Intraday Lows

Eurostoxx 50 futures continue to consolidate. Price is trading above support at 4244.60, the 50-day EMA. The recent move down is considered corrective and the broader uptrend is intact. A resumption of gains would signal scope for a test of 4363.00, the Apr 21 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. A clear break of the 50-day EMA is required to signal a top. S&P E-minis are unchanged and remain in consolidation mode. Price is trading above the 50-day EMA, which intersects at 4109.81. A resumption of gains would open key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level would confirm an extension of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this level would instead highlight a bearish threat.

• Japan's NIKKEI closed higher by 250.6 pts or +0.84% at 30093.59 and the TOPIX ended 6.43 pts higher or +0.3% at 2133.61.
• Elsewhere, in China the SHANGHAI closed lower by 6.755 pts or -0.21% at 3284.232 and the HANG SENG ended 417.68 pts lower or -2.09% at 19560.87.
• Across Europe, Germany's DAX trades higher by 57.32 pts or +0.36% at 15923.62, FTSE 100 higher by 0.4 pts or +0.01% at 7737.11, CAC 40 down 7.8 pts or -0.11% at 7384.79 and Euro Stoxx 50 up 2.69 pts or +0.06% at 4310.38.
• Dow Jones mini up 98 pts or +0.3% at 33117, S&P 500 mini up 11.25 pts or +0.27% at 4127.75, NASDAQ mini up 24.75 pts or +0.18% at 13483.25.