EQUITIES: Eurostoxx 50 Futures Maintain Bullish Tone, Close to Recent Highs

Eurostoxx 50 futures maintain a bullish tone and the contract is trading at its recent highs. Price has recently cleared both the 20- and 50-day EMAs, and attention is on 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. This hurdle has recently been pierced, a clear break of it would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5093.95, the 20-day EMA. Clearance of this level would signal a possible reversal. Trend conditions in S&P E-Minis are unchanged, they remain bullish. The contract has breached the 50-day EMA, at 5624.12. A continuation higher would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support to watch is 5547.58, the 20-day EMA.

• Japan's NIKKEI closed higher by 148.97 pts or +0.41% at 36928.63 and the TOPIX ended 2.56 pts higher or +0.09% at 2698.72.
• Elsewhere, in China the SHANGHAI closed higher by 9.331 pts or +0.28% at 3351.996 and the HANG SENG ended 84.04 pts higher or +0.37% at 22775.92.
• Across Europe, Germany's DAX trades higher by 229.92 pts or +0.99% at 23345.01, FTSE 100 higher by 22.35 pts or +0.26% at 8581.84, CAC 40 up 65.3 pts or +0.86% at 7691.61 and Euro Stoxx 50 up 56.42 pts or +1.08% at 5285.96.
• Dow Jones mini up 266 pts or +0.65% at 41483, S&P 500 mini up 51 pts or +0.9% at 5703, NASDAQ mini up 256 pts or +1.28% at 20217.25.