Eurostoxx Futures Touch 4280.0 Following Wednesday Dip Buying

Dip buyers emerged in EUROSTOXX 50 futures again Wednesday, with prices rapidly bouncing off the 4211.00 lows. Nonetheless, prices remain just below first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4228.4, the 20-day EMA. Further slippage Wednesday put the S&P E-Minis to fresh February lows, with weakness extending through the close. This puts prices below first support at the 50-day EMA at 4031.50 and tilts the near-term view lower. 3901.75 marks next support, the Jan 19 low.

• In China the SHANGHAI closed lower by 3.671 pts or -0.11% at 3287.477 and the HANG SENG ended 72.49 pts lower or -0.35% at 20351.35.
• Across Europe, Germany's DAX trades higher by 79.06 pts or +0.51% at 15479.84, FTSE 100 lower by 21.83 pts or -0.28% at 7909.54, CAC 40 up 18.68 pts or +0.26% at 7318.17 and Euro Stoxx 50 up 19.12 pts or +0.45% at 4261.92.
• Dow Jones mini up 93 pts or +0.28% at 33171, S&P 500 mini up 20 pts or +0.5% at 4019, NASDAQ mini up 111 pts or +0.92% at 12207.5.