Eurostoxx 50 Futures Extend Pullback from 5000 Handle

Eurostoxx 50 futures are trading above 4762.00, the Apr 19 low. The contract has recently traded through the 20-day EMA and resistance at 4990.00, the Apr 15 high. This continues to highlight a potentially stronger reversal and the end of the correction between Apr 2 - 19. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00, a break would be bearish. Initial support to watch is 4878.10, the 50-day EMA. The short-term trend condition in S&P E-Minis remains bearish and recent gains appear to have been a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5124.01, the 20-day EMA, has been pierced, a clear break would signal a reversal and expose key resistance at 5333.50, Apr 1 high.

• Japan's NIKKEI closed lower by 37.98 pts or -0.1% at 38236.07 and the TOPIX ended 0.87 pts lower or -0.03% at 2728.53.
• Across Europe, Germany's DAX trades lower by 0.75 pts or 0% at 17931.51, FTSE 100 higher by 29.65 pts or +0.37% at 8151.01, CAC 40 down 64.28 pts or -0.81% at 7920.65 and Euro Stoxx 50 down 22.09 pts or -0.45% at 4899.13.
• Dow Jones mini up 138 pts or +0.36% at 38207, S&P 500 mini up 30 pts or +0.59% at 5076.5, NASDAQ mini up 140.5 pts or +0.81% at 17578.25.