Eurostoxx 50 Futures Pare the Majority of This Week's Losses

Eurostoxx 50 futures are consolidating and holding on to the bulk of its most recent gains. Price remains above support at 4233.90, the 50-day EMA. The recent move down is considered corrective and the broader uptrend remains intact. A continuation higher would signal scope for a test of 4363.00, the Apr 21 high and 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 traded higher Wednesday and price remains above the 50-day EMA, which intersects at 4104.97. A continuation higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A breach of this level would confirm a resumption of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this support would be a bearish development.

• Japan's NIKKEI closed higher by 4.54 pts or +0.02% at 29126.72 and the TOPIX ended 2.82 pts lower or -0.14% at 2083.09.
• Elsewhere, in China the SHANGHAI closed lower by 9.6 pts or -0.29% at 3309.551 and the HANG SENG ended 18.41 pts lower or -0.09% at 19743.79.
• Across Europe, Germany's DAX trades higher by 12.41 pts or +0.08% at 15907.57, FTSE 100 higher by 16.14 pts or +0.21% at 7757.47, CAC 40 up 44.45 pts or +0.6% at 7405.55 and Euro Stoxx 50 up 18.48 pts or +0.43% at 4325.09.
• Dow Jones mini up 39 pts or +0.12% at 33643, S&P 500 mini up 12 pts or +0.29% at 4164.25, NASDAQ mini up 39.25 pts or +0.29% at 13450.25.