Eurostoxx Futures Pare Overnight Gains

Eurostoxx 50 futures have traded lower this week and the contract remains soft - for now. The 50-day EMA, at 4266.60, has been pierced and this signals scope for weakness towards 4233.00, the May 4 low and a key short-term support. A break of this level would strengthen bearish conditions. On the upside the bull trigger is at 4409.50, the Nov 18 2021 high (cont) and a major resistance. S&P E-minis traded lower Wednesday and this resulted in a test of the 50-day EMA at 4125.79. A clear break of this average would highlight a stronger short-term reversal and expose 4062.25, the May 4 low and a key support. Price did recover yesterday. A continuation higher would refocus attention on initial key resistance at 4227.25, the May 19 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.

• Japan's NIKKEI closed higher by 115.18 pts or +0.37% at 30916.31 and the TOPIX ended 0.31 pts lower or -0.01% at 2145.84.
• Across Europe, Germany's DAX trades lower by 6.2 pts or -0.04% at 15777.43, FTSE 100 higher by 8.98 pts or +0.12% at 7585.83, CAC 40 up 2.16 pts or +0.03% at 7230.26 and Euro Stoxx 50 up 6.05 pts or +0.14% at 4273.44.
• Dow Jones mini down 40 pts or -0.12% at 32770, S&P 500 mini down 5.5 pts or -0.13% at 4151.5, NASDAQ mini up 1.75 pts or +0.01% at 13955.