Eurostoxx Futures Remain Soft After Trading Lower Wednesday

Eurostoxx 50 futures traded lower Wednesday and the contract remains soft - for now. The 50-day EMA, at 4266.20, 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 low yesterday and this resulted in a test of the 50-day EMA at 4124.40. A clear break of this average would highlight a stronger short-term reversal and open 4062.25, the May 4 low and a key support. Initial key resistance has been defined at 4227.25, the May 19 high. A reversal higher and a breach of this resistance would confirm a resumption of the uptrend that started on Mar 13.

• Japan's NIKKEI closed higher by 118.45 pts or +0.39% at 30801.13 and the TOPIX ended 6.25 pts lower or -0.29% at 2146.15.
• Elsewhere, in China the SHANGHAI closed lower by 3.49 pts or -0.11% at 3201.26 and the HANG SENG ended 369.01 pts lower or -1.93% at 18746.92.
• Across Europe, Germany's DAX trades lower by 82.98 pts or -0.52% at 15760.67, FTSE 100 lower by 29.94 pts or -0.39% at 7597.13, CAC 40 down 32.81 pts or -0.45% at 7218.96 and Euro Stoxx 50 down 1 pts or -0.02% at 4263.21.
• Dow Jones mini down 95 pts or -0.29% at 32760, S&P 500 mini up 21.25 pts or +0.52% at 4147.25, NASDAQ mini up 221.25 pts or +1.62% at 13872.