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Eurostoxx Futures Advance at Open, 4164.00 Marks Key Short-Term Resistance

EQUITIES

Eurostoxx 50 futures remain below last week’s 4164.00 high (Mar 22). The recent pullback threatens the recent bull theme and signals the end of what appears to have been a corrective bounce. A resumption of weakness would open 4009.50, 61.8% of the Mar 20 22 rally. A move below the 4000.00 handle would expose 3914.00, the Mar 21 low and bear trigger. Key short-term resistance is 4164.00, the Mar 22 high. A break would be bullish. S&P E-Minis remains below last Wednesday's high of 4073.75. The recent pullback means that price has - so far - failed to remain above pivot resistance at the 50-day EMA - the EMA intersects at 4020.18. A clear upside break of it is required to strengthen bullish conditions. Support lies at 3937.00, the Mar 24 low. A breach would open 3897.25 next, the Mar 20 low. Key short-term resistance is at 4073.75, the Mar 22 high.


  • Japan's NIKKEI closed higher by 41.38 pts or +0.15% at 27518.25 and the TOPIX ended 4.83 pts higher or +0.25% at 1966.67.
  • Elsewhere, in China the SHANGHAI closed lower by 6.021 pts or -0.19% at 3245.376 and the HANG SENG ended 216.96 pts higher or +1.11% at 19784.65.
  • Across Europe, Germany's DAX trades higher by 76.75 pts or +0.51% at 15203.7, FTSE 100 higher by 36.62 pts or +0.49% at 7508.26, CAC 40 up 41.81 pts or +0.59% at 7119.24 and Euro Stoxx 50 up 21.78 pts or +0.52% at 4185.74.
  • Dow Jones mini up 104 pts or +0.32% at 32735, S&P 500 mini up 3.25 pts or +0.08% at 4010.5, NASDAQ mini down 29.5 pts or -0.23% at 12758.25.

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