EQUITIES: Bullish Theme in Eurostoxx 50 Futures Intact Despite Latest Pullback

A bullish theme in the Eurostoxx 50 futures contract remains intact. Gains on Monday reinforce current bullish conditions. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. The continuation higher signals scope for a climb towards 5516.00, the Mar 3 high and the key bull trigger. Initial firm support to watch lies at 5162.15, the 50-day EMA. Clearance of this level would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and this week’s appreciation reinforces current conditions. The contract has cleared an important resistance at 5837.25, the Mar 25 high and a bull trigger. This strengthens the bullish theme, paving the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5658.48, the 50-day EMA.

• Japan's NIKKEI closed lower by 372.62 pts or -0.98% at 37755.51 and the TOPIX ended 24.33 pts lower or -0.88% at 2738.96.
• Elsewhere, in China the SHANGHAI closed lower by 23.127 pts or -0.68% at 3380.821 and the HANG SENG ended 187.49 pts lower or -0.79% at 23453.16.
• Across Europe, Germany's DAX trades lower by 60.29 pts or -0.26% at 23467.79, FTSE 100 lower by 24.8 pts or -0.29% at 8559.97, CAC 40 down 20.12 pts or -0.26% at 7816.67 and Euro Stoxx 50 down 24.26 pts or -0.45% at 5379.18.
• Dow Jones mini down 179 pts or -0.43% at 41939, S&P 500 mini down 33.25 pts or -0.56% at 5875.25, NASDAQ mini down 152.25 pts or -0.71% at 21240.5.