March Highs Ahead of Best Level in a Year for EuroStoxx

Eurostoxx 50 futures remain firm and price is trading at this week’s highs. The continued appreciation strengthens the bullish significance of the recent break of 4268.00, the Mar 6 high and a key hurdle for bulls. Sights are on 4324.50, the Jan 13 2022 high (cont) and 4381.50, the Jan 5 2022 high (cont). Moving average studies are in a bull-mode set-up, highlighting a broader uptrend. Initial firm support lies at 4209.70, the 20-day EMA. The current trend condition in S&P E-minis remains bullish. Price has recently breached 4119.50, Mar 6 high, reinforcing a positive theme. The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension to 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4061.00, the 50-day EMA.

• Japan's NIKKEI closed higher by 336.5 pts or +1.2% at 28493.47 and the TOPIX ended 10.79 pts higher or +0.54% at 2018.72.
• Elsewhere, in China the SHANGHAI closed higher by 19.789 pts or +0.6% at 3338.153 and the HANG SENG ended 65.05 pts higher or +0.32% at 20415.2.
• Across Europe, Germany's DAX trades higher by 63.48 pts or +0.4% at 15793.12, FTSE 100 higher by 16.97 pts or +0.22% at 7859.01, CAC 40 up 21.64 pts or +0.29% at 7502.19 and Euro Stoxx 50 up 14.02 pts or +0.32% at 4377.45.
• Dow Jones mini down 80 pts or -0.23% at 34112, S&P 500 mini down 1.75 pts or -0.04% at 4171, NASDAQ mini down 0.75 pts or -0.01% at 13209.5.