Eurostoxx Futures Pare Most Post-Fed Losses

The recent strong recovery in Eurostoxx 50 futures from Monday’s low of 4057.00 has resulted in a breach of both the 20- and 50-day EMAs. A continuation higher would signal scope for 4184.50, a Fibonacci retracement. Key resistance and the bull trigger is at 4268.00, the Mar 6 high. On the downside, a reversal lower and a breach of 3914.00 would resume the recent downtrend. Initial support lies at 4069.00, the Mar 21 low. S&P E-Minis reversed sharply lower Wednesday. It is too early to tell whether the pullback marks the start of a bearish cycle. However, the move lower means that price has - so far - failed to hold above pivot resistance around the 50-day EMA. The average intersects at 4023.28 and a clear break is required to strengthen bullish conditions. Watch support at 3966.25, yesterday’s low - a break would be bearish. Key S/T resistance is at 4073.75.

• Japan's NIKKEI closed lower by 47 pts or -0.17% at 27419.61 and the TOPIX ended 5.61 pts lower or -0.29% at 1957.32.
• Elsewhere, in China the SHANGHAI closed higher by 20.901 pts or +0.64% at 3286.649 and the HANG SENG ended 458.21 pts higher or +2.34% at 20049.64.
• Across Europe, Germany's DAX trades lower by 32.04 pts or -0.21% at 15183.83, FTSE 100 lower by 42.98 pts or -0.57% at 7523.55, CAC 40 down 4.97 pts or -0.07% at 7126.39 and Euro Stoxx 50 up 3.01 pts or +0.07% at 4198.83.
• Dow Jones mini up 121 pts or +0.38% at 32377, S&P 500 mini up 23.75 pts or +0.6% at 3994, NASDAQ mini up 122.25 pts or +0.96% at 12829.5.