Stocks Remain Firm, Retaining Bullish Trend Condition

Eurostoxx 50 futures remain firm. The contract traded to a fresh cycle high Wednesday of 4321.00, reinforcing bullish conditions. Price has recently breached 4268.00, the Mar 6 high and a key hurdle for bulls. The break strengthens bullish conditions and opens 4324.50, the Jan 13 2022 high (cont). Moving average studies are in a bull-mode set-up and this highlights a broader uptrend. Initial firm support lies at 4199.30, the 20-day EMA. S&P E-minis briefly traded above 4171.75 yesterday, the Apr 4 high. Current trend conditions are 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 M/T resistance. Firm support lies at 4056.44, the 50-day EMA.

• Japan's NIKKEI closed higher by 74.27 pts or +0.26% at 28156.97 and the TOPIX ended 1.01 pts higher or +0.05% at 2007.93.
• Elsewhere, in China the SHANGHAI closed lower by 8.818 pts or -0.27% at 3318.364 and the HANG SENG ended 24.32 pts lower or -0.12% at 20289.03.
• Across Europe, Germany's DAX trades higher by 29.3 pts or +0.19% at 15734.08, FTSE 100 higher by 3.18 pts or +0.04% at 7827.96, CAC 40 up 76.3 pts or +1.03% at 7472.76 and Euro Stoxx 50 up 21.31 pts or +0.49% at 4355.37.
• Dow Jones mini up 39 pts or +0.12% at 33848, S&P 500 mini up 8.5 pts or +0.21% at 4126.75, NASDAQ mini up 34.5 pts or +0.27% at 12984.75.