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Eurostoxx 50 Futures Trade to Fresh May Highs

EQUITIES

Eurostoxx 50 futures continue to trade above support at 4247.40, the 50-day EMA. The broader uptrend is intact and moving average studies remain in a bull mode position. A stronger resumption of gains would signal scope for a test of 4363.00, the Apr 21 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, a clear break of the 50-day EMA is required to signal a top. S&P E-minis traded higher Wednesday. Price remains above the 50-day EMA, which intersects at 4112.23. A continuation higher would open key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level would confirm an extension of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this level would instead highlight a bearish threat.


  • Japan's NIKKEI closed higher by 480.34 pts or +1.6% at 30573.93 and the TOPIX ended 24.24 pts higher or +1.14% at 2157.85.
  • Elsewhere, in China the SHANGHAI closed higher by 13.088 pts or +0.4% at 3297.32 and the HANG SENG ended 166.68 pts higher or +0.85% at 19727.25.
  • Across Europe, Germany's DAX trades higher by 229.06 pts or +1.44% at 16180.36, FTSE 100 higher by 49.88 pts or +0.65% at 7773.14, CAC 40 up 66.98 pts or +0.91% at 7466.57 and Euro Stoxx 50 up 46.69 pts or +1.08% at 4370.01.
  • Dow Jones mini up 29 pts or +0.09% at 33510, S&P 500 mini up 6.5 pts or +0.16% at 4178, NASDAQ mini up 22 pts or +0.16% at 13666.
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