Eurostoxx 50 Futures Narrow Gap to Bull Trigger at 5079.00

Eurostoxx 50 futures are holding on to their most recent gains. The contract recently traded through the 20-day EMA and resistance at 4990.00, the Apr 15 high. This highlights a potentially stronger reversal. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Initial resistance is at 5006.00, the Apr 29 / May 7 high. Key support lies at 4762.00, the Apr 19 low. A break would be bearish. Initial support to watch is 4885.50 50-day EMA. S&P E-Minis have traded higher this week, extending the current bull cycle. Price has moved through resistance at the 20-day EMA. This highlights a stronger short-term bullish condition and a continuation would expose the key resistance and bull trigger at 5333.50, the Apr 1 high. Initial resistance is 5246.18, a Fibonacci retracement. Firm support lies at 5036.25, the May 2 low.

• Japan's NIKKEI closed lower by 632.73 pts or -1.63% at 38202.37 and the TOPIX ended 39.79 pts lower or -1.45% at 2706.43.
• Elsewhere, in China the SHANGHAI closed lower by 19.258 pts or -0.61% at 3128.48 and the HANG SENG ended 165.51 pts lower or -0.9% at 18313.86.
• Across Europe, Germany's DAX trades higher by 98.84 pts or +0.54% at 18528.25, FTSE 100 higher by 31.57 pts or +0.38% at 8345.3, CAC 40 up 62.89 pts or +0.78% at 8138.57 and Euro Stoxx 50 up 25.24 pts or +0.5% at 5040.91.
• Dow Jones mini up 3 pts or +0.01% at 39029, S&P 500 mini up 0.25 pts or +0% at 5214, NASDAQ mini up 4.5 pts or +0.02% at 18203.5.