Eurostoxx Futures Test 4323.00 -  Feb 16 High and Bull Trigger

Eurostoxx 50 futures have recovered from recent lows and importantly, this has left a key support intact - the base of a bull channel drawn from the Oct 13 low. The line intersects 4211.90. While channel support holds, the broader uptrend remains intact. Today’s gains have resulted in a test of 4323.00, the Feb 16 high and bull trigger. A clear would resume the uptrend. On the downside, a breach of the channel base would alter the picture. S&P E-Minis trend conditions are bearish, however, the strong bounce late last week has eased bearish pressure. Note that the contract has traded above both the 20- and 50-day EMAs. An ability to hold on to the latest gains would signal scope for a recovery towards 4100.20, a Fibonacci retracement. On the downside, key support has been defined at 3925.00, the Mar 2 low. A break of this level would reinstate the recent bearish theme.

• Japan's NIKKEI closed higher by 310.31 pts or +1.11% at 28237.78 and the TOPIX ended 16.97 pts higher or +0.84% at 2036.49.
• Elsewhere, in China the SHANGHAI closed lower by 6.367 pts or -0.19% at 3322.026 and the HANG SENG ended 35.65 pts higher or +0.17% at 20603.19.
• Across Europe, Germany's DAX trades higher by 44.75 pts or +0.29% at 15622.86, FTSE 100 lower by 15.58 pts or -0.2% at 7931.36, CAC 40 up 34.04 pts or +0.46% at 7382.16 and Euro Stoxx 50 up 19.91 pts or +0.46% at 4314.71.
• Dow Jones mini down 31 pts or -0.09% at 33381, S&P 500 mini down 1.25 pts or -0.03% at 4048.25, NASDAQ mini up 7.25 pts or +0.06% at 12319.25.