Eurostoxx Futures Consolidate Below 4164.00 Key Resistance Level

Eurostoxx 50 futures are consolidating. The contract remains below 4164.00, the Mar 22 high. The recent pullback threatens a 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 a bear trigger. Key short-term resistance is 4164.00. A break of this level would be bullish. S&P E-Minis remain below last 4073.75. The pullback from last week’s high means that price has - so far - failed to remain above pivot resistance at the 50-day EMA - the average intersects at 4019.45. A clear break of the average is required to strengthen bullish conditions. Support lies at 3937.00, the Mar 24 low. A breach would instead open 3897.25 next, the Mar 20 low. 4073.75, the Mar 22 high, is the bull trigger.

• Japan's NIKKEI closed higher by 365.53 pts or +1.33% at 27883.78 and the TOPIX ended 28.81 pts higher or +1.46% at 1995.48.
• Elsewhere, in China the SHANGHAI closed lower by 5.319 pts or -0.16% at 3240.057 and the HANG SENG ended 373.73 pts higher or +1.89% at 20161.18.
• Across Europe, Germany's DAX trades higher by 82.59 pts or +0.55% at 15224.12, FTSE 100 higher by 31.82 pts or +0.43% at 7516.41, CAC 40 up 51.91 pts or +0.73% at 7140.05 and Euro Stoxx 50 up 29.81 pts or +0.72% at 4198.02.
• Dow Jones mini up 158 pts or +0.48% at 32747, S&P 500 mini up 30 pts or +0.75% at 4031.75, NASDAQ mini up 109.75 pts or +0.86% at 12842.5.