Eurostoxx Futures Dip Lower Again, Piercing Support at 20-Day EMA

Eurostoxx 50 futures traded lower Tuesday. For now, the pullback appears to be a correction and trend signals continue to point north - moving average studies remain in a bull mode position. The contract has tested support at the 20-day EMA, which intersects at 4323.50. A clear break would expose the 50-day EMA at 4266.30. On the upside, the bull trigger has been defined at 4409.00, the May 19 high. A break would resume the uptrend. The S&P E-minis outlook remains bullish and yesterday’s pullback is considered corrective - for now. Trend signals highlight an uptrend and the focus is on a climb towards 4244.00, the Feb 2 high and the next important resistance. On the downside, the 20-day EMA has been tested. A clear break of it would expose the 50-day EMA which intersects at 4124.34 and marks a key support.

• Japan's NIKKEI closed lower by 275.09 pts or -0.89% at 30682.68 and the TOPIX ended 9.09 pts lower or -0.42% at 2152.4.
• Elsewhere, in China the SHANGHAI closed lower by 41.488 pts or -1.28% at 3204.75 and the HANG SENG ended 315.32 pts lower or -1.62% at 19115.93.
• Across Europe, Germany's DAX trades lower by 197.53 pts or -1.22% at 15955.28, FTSE 100 lower by 116.21 pts or -1.5% at 7644.8, CAC 40 down 105.44 pts or -1.43% at 7273.97 and Euro Stoxx 50 down 58.83 pts or -1.35% at 4284.37.
• Dow Jones mini down 34 pts or -0.1% at 33086, S&P 500 mini down 3.75 pts or -0.09% at 4153, NASDAQ mini down 8.25 pts or -0.06% at 13714.25.