Headline Future Indices Dip Despite Support From Bank Names

Eurostoxx 50 futures remain below last week’s high of 4164.00 on Mar 22 high. The pullback threatens the recent bull theme and signals the possible end of what appears to have been a corrective bounce. A continuation lower would open 4009.50, 61.8% of the Mar 20 22 rally. A move below the 4000.00 handle would expose 3914.00, the Mar 21 low and bear trigger. Key short-term resistance is 4164.00, the Mar 22 high. A break would be bullish. S&P E-Minis reversed sharply lower last Wednesday. The move down means that price has - so far - failed to remain above pivot resistance at the 50-day EMA. The EMA intersects at 4020.71 and price is again testing this level today. A clear break of it is required to strengthen bullish conditions. Support today lies at 3937.00, the Mar 24 low. A breach would open 3897.25 next, the Mar 20 low. Key short-term resistance is at 4073.75, the Mar 22 high.

• Japan's NIKKEI closed higher by 91.62 pts or +0.33% at 27476.87 and the TOPIX ended 6.52 pts higher or +0.33% at 1961.84.
• Elsewhere, in China the SHANGHAI closed lower by 14.257 pts or -0.44% at 3251.397 and the HANG SENG ended 347.99 pts lower or -1.75% at 19567.69.
• Across Europe, Germany's DAX trades higher by 113.27 pts or +0.76% at 15070.79, FTSE 100 higher by 44.88 pts or +0.61% at 7450.75, CAC 40 up 49.57 pts or +0.71% at 7064.67 and Euro Stoxx 50 up 26.51 pts or +0.64% at 4157.13.
• Dow Jones mini up 69 pts or +0.21% at 32503, S&P 500 mini up 8.5 pts or +0.21% at 4010, NASDAQ mini up 3.75 pts or +0.03% at 12893.