EQUITIES: E-Mini S&P Softer Following This Week's Moderate Recovery

Eurostoxx 50 futures traded lower Monday resulting in a breach of key support at 5229.00, the Mar 11 low. The contract has recovered, however, the print below 5229.00 undermines a bullish theme and signals scope for a deeper retracement. The 5200 handle has also been cleared, opening 5079.00, the Feb 3 low. It is still possible that recent weakness is part of a broader correction. Initial firm resistance is 5335.34, the 20-day EMA. S&P E-Minis maintain a softer tone following recent bearish price action. Sights are on key support and the bear trigger at 5559.75, the Mar 13 low. It has been pierced, a clear break of it would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.

• Japan's NIKKEI closed higher by 101.39 pts or +0.28% at 35725.87 and the TOPIX ended 11.44 pts lower or -0.43% at 2650.29.
• Elsewhere, in China the SHANGHAI closed higher by 1.692 pts or +0.05% at 3350.127 and the HANG SENG ended 4.31 pts lower or -0.02% at 23202.53.
• Across Europe, Germany's DAX trades lower by 237.57 pts or -1.05% at 22289.64, FTSE 100 lower by 39.42 pts or -0.46% at 8591.22, CAC 40 down 37.44 pts or -0.48% at 7833.9 and Euro Stoxx 50 down 31.2 pts or -0.59% at 5285.1.
• Dow Jones mini down 61 pts or -0.14% at 42177, S&P 500 mini down 11.5 pts or -0.2% at 5663.25, NASDAQ mini down 49.75 pts or -0.25% at 19559.25.