EQUITIES: E-Mini S&P Moving Average Studies Remain in Bear Mode Set Up

The medium-term trend direction in Eurostoxx 50 futures is up and recent short-term weakness - for now - appears corrective. Support to watch is the 50-day EMA, at 5295.60. It has recently been pierced. A clear break of it would highlight a stronger short-term bear threat and suggest scope for a retracement towards 5160.00, the Feb 4 low. The bull trigger is 5516.00, the Mar 3 high. Clearance of this level would resume the uptrend. S&P E-Minis traded lower yesterday but for now, the contract remains closer to its recent highs. The trend condition is bearish and the latest recovery appears corrective. MA studies are in a bear-mode set-up, highlighting a dominant downtrend. Note that the 20-day EMA has been breached. A continuation  higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.

• Japan's NIKKEI closed lower by 227.32 pts or -0.6% at 37799.97 and the TOPIX ended 2.58 pts higher or +0.09% at 2815.47.
• Elsewhere, in China the SHANGHAI closed higher by 5.052 pts or +0.15% at 3373.749 and the HANG SENG ended 95.48 pts higher or +0.41% at 23578.8.
• Across Europe, Germany's DAX trades lower by 238.27 pts or -1.04% at 22554.91, FTSE 100 lower by 48.46 pts or -0.56% at 8629.33, CAC 40 down 56 pts or -0.7% at 7960.09 and Euro Stoxx 50 down 43.3 pts or -0.8% at 5359.94.
• Dow Jones mini up 60 pts or +0.14% at 42792, S&P 500 mini down 0.75 pts or -0.01% at 5756.5, NASDAQ mini down 29 pts or -0.14% at 20078.5.