Recovery in E-Mini S&P Appears Technically Corrective

Eurostoxx 50 futures are holding on to the bulk of the recovery from 4762.00, the 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 4869.70, 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 5138.90, the 20-day EMA. A clear break of the average would signal a possible reversal.

• Japan's NIKKEI closed higher by 306.28 pts or +0.81% at 37934.76 and the TOPIX ended 22.95 pts higher or +0.86% at 2686.48.
• Elsewhere, in China the SHANGHAI closed higher by 35.736 pts or +1.17% at 3088.636 and the HANG SENG ended 366.61 pts higher or +2.12% at 17651.15.
• Across Europe, Germany's DAX trades higher by 130.9 pts or +0.73% at 18048.3, FTSE 100 higher by 28.04 pts or +0.35% at 8106.59, CAC 40 up 24.18 pts or +0.3% at 8040.83 and Euro Stoxx 50 up 32.07 pts or +0.65% at 4971.08.
• Dow Jones mini up 77 pts or +0.2% at 38366, S&P 500 mini up 39.25 pts or +0.77% at 5121.75, NASDAQ mini up 187 pts or +1.06% at 17757.