Latest Recovery in E-Mini S&P Appears Technically Corrective

Eurostoxx 50 futures have traded higher this week, extending the recovery from 4762.00, Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, Apr 15 high. This highlights a potentially stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4868.30, the 50-day EMA. The short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last week’s bearish extension reinforced current short-term conditions. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is 5144.86, the 20-day EMA. A clear break of the average would signal a possible reversal.

• Japan's NIKKEI closed lower by 831.6 pts or -2.16% at 37628.48 and the TOPIX ended 47.2 pts lower or -1.74% at 2663.53.
• Elsewhere, in China the SHANGHAI closed higher by 8.078 pts or +0.27% at 3052.9 and the HANG SENG ended 83.27 pts higher or +0.48% at 17284.54.
• Across Europe, Germany's DAX trades lower by 96.86 pts or -0.54% at 18005.6, FTSE 100 higher by 51.74 pts or +0.64% at 8092.78, CAC 40 down 29.24 pts or -0.36% at 8061.46 and Euro Stoxx 50 down 18.76 pts or -0.38% at 4971.45.
• Dow Jones mini down 105 pts or -0.27% at 38580, S&P 500 mini down 27 pts or -0.53% at 5081.25, NASDAQ mini down 164.5 pts or -0.93% at 17502.75.