Eurostoxx 50 Futures Extend Recovery From Friday's Low

Eurostoxx 50 futures traded higher Tuesday, extending the recovery from 4762.00, the Apr 19 low. The contract has cleared the 20-day EMA and breached resistance at 4990.00, the Apr 15 high. This highlights a stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. The short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last Friday’s bearish extension reinforced current short-term conditions. The contract has recently cleared 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.

• Japan's NIKKEI closed higher by 907.92 pts or +2.42% at 38460.08 and the TOPIX ended 44.5 pts higher or +1.67% at 2710.73.
• Elsewhere, in China the SHANGHAI closed higher by 22.844 pts or +0.76% at 3044.822 and the HANG SENG ended 372.34 pts higher or +2.21% at 17201.27.
• Across Europe, Germany's DAX trades higher by 62.91 pts or +0.35% at 18202.46, FTSE 100 higher by 38.25 pts or +0.48% at 8083.32, CAC 40 up 13.32 pts or +0.16% at 8119.34 and Euro Stoxx 50 up 18.62 pts or +0.37% at 5027.35.
• Dow Jones mini up 9 pts or +0.02% at 38737, S&P 500 mini up 9.5 pts or +0.19% at 5116.5, NASDAQ mini up 101.75 pts or +0.58% at 17709.75.