Eurostoxx 50 Futures Continue Trading Close to Recent Lows

Eurostoxx 50 futures are trading at their recent lows. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has tested support at 4856.70, the 50-day EMA and a key pivot price point. A clear break of the average would signal scope for a deeper retracement and open 4826.00, the Mar 5 low. Initial resistance to watch is 4990.00, the Apr 15 high. The short-term trend condition in S&P E-Minis is unchanged and remains bearish. This week’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5209.2, the 20-day EMA.

• Japan's NIKKEI closed lower by 509.4 pts or -1.32% at 37961.8 and the TOPIX ended 33.96 pts lower or -1.26% at 2663.15.
• Elsewhere, in China the SHANGHAI closed higher by 64.313 pts or +2.14% at 3071.381 and the HANG SENG ended 2.87 pts higher or +0.02% at 16251.84.
• Across Europe, Germany's DAX trades higher by 90.95 pts or +0.51% at 17858.78, FTSE 100 higher by 36.24 pts or +0.46% at 7857.88, CAC 40 up 88.85 pts or +1.12% at 8020.86 and Euro Stoxx 50 up 31.44 pts or +0.64% at 4948.35.
• Dow Jones mini up 154 pts or +0.4% at 38193, S&P 500 mini up 17 pts or +0.33% at 5109, NASDAQ mini up 32.75 pts or +0.18% at 17913.