Eurostoxx 50 Futures Trade Either Side of 5000.00 Handle

A bullish trend condition in Eurostoxx 50 futures remains intact and the contract is trading closer to its recent highs. Last week’s cycle high confirmed once again a resumption of the uptrend and resulted in a break of the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4915.20, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5398.12, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5213.02, the 20-day EMA. A move lower is considered corrective.

• Japan's NIKKEI closed lower by 16.09 pts or -0.04% at 40398.03 and the TOPIX ended 3.16 pts higher or +0.11% at 2780.8.
• Elsewhere, in China the SHANGHAI closed higher by 5.176 pts or +0.17% at 3031.481 and the HANG SENG ended 144.68 pts higher or +0.88% at 16618.32.
• Across Europe, Germany's DAX trades higher by 12.97 pts or +0.07% at 18272.16,FTSE 100 lower by 9.53 pts or -0.12% at 7907.63, CAC 40 down 7.37 pts or -0.09% at 8143.54 and Euro Stoxx 50 down 1.97 pts or -0.04% at 5041.79.
• Dow Jones mini up 50 pts or +0.13% at 39747, S&P 500 mini up 14 pts or +0.27% at 5292.25, NASDAQ mini up 77 pts or +0.42% at 18589.25.