Short-Term Trend in E-Mini S&P Bearish, Latest Recovery Appears Corrective

Eurostoxx 50 futures are holding on to their recent gains from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, the Apr 15 high. This continues to highlight a potentially stronger reversal and the end of the correction between Apr 2 - 19. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4877.40, the 50-day EMA. The S/T trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5139.03, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.

• Japan's NIKKEI closed higher by 470.9 pts or +1.24% at 38405.66 and the TOPIX ended 56.69 pts higher or +2.11% at 2743.17.
• Elsewhere, in China the SHANGHAI closed lower by 8.219 pts or -0.26% at 3104.824 and the HANG SENG ended 16.12 pts higher or +0.09% at 17763.03.
• Across Europe, Germany's DAX trades lower by 64.61 pts or -0.36% at 18051.91, FTSE 100 higher by 28.6 pts or +0.35% at 8175.14, CAC 40 down 13.95 pts or -0.17% at 8048.88 and Euro Stoxx 50 down 16.18 pts or -0.32% at 4963.69.
• Dow Jones mini down 29 pts or -0.08% at 38530, S&P 500 mini down 5.75 pts or -0.11% at 5141.25, NASDAQ mini down 13.5 pts or -0.08% at 17890.5.