EQUITIES: MA Studies for Eurostoxx 50 Futures Remain in a Bull-Mode Position

The trend cycle in Eurostoxx 50 futures remains bullish and the recent pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear uptrend and recent gains maintain the sequence of higher highs and higher lows. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Key support to watch lies at 5238.48, the 50-day EMA. Clearance of this average would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and the latest pullback appears to have been a correction. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5794.26. A key support lies at 5728.00, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.

• Japan's NIKKEI closed lower by 1.71 pts or 0% at 37722.4 and the TOPIX ended 0.02 pts higher or +0% at 2769.51.
• Elsewhere, in China the SHANGHAI closed lower by 0.755 pts or -0.02% at 3339.932 and the HANG SENG ended 123.68 pts lower or -0.53% at 23258.31.
• Across Europe, Germany's DAX trades higher by 20.81 pts or +0.09% at 24247.31, FTSE 100 higher by 19.95 pts or +0.23% at 8797.49, CAC 40 up 12.57 pts or +0.16% at 7839.18 and Euro Stoxx 50 down 0.01 pts or 0% at 5415.1.
• Dow Jones mini down 72 pts or -0.17% at 42338, S&P 500 mini down 9 pts or -0.15% at 5925, NASDAQ mini down 27.5 pts or -0.13% at 21433.5.