EQUITIES: Moving Average Studies for Eurostoxx 50 Futures in Bull-Mode Position

Eurostoxx 50 futures are trading inside a range for now. The trend condition is bullish - moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen the bull theme. Key support to watch lies at 5295.43, the 50-day EMA. A clear break of this average would signal a possible reversal. The trend condition in S&P E-Minis remains bullish and the contract traded to a fresh cycle high yesterday, reinforcing current bullish conditions. The recent break of 5993.50, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. Sights are on 6080.75 next, the Feb 26 high. Key support to watch lies at 5816.70, the 50-day EMA.

• Japan's NIKKEI closed lower by 248.1 pts or -0.65% at 38173.09 and the TOPIX ended 5.75 pts lower or -0.21% at 2782.97.
• Elsewhere, in China the SHANGHAI closed higher by 0.342 pts or +0.01% at 3402.658 and the HANG SENG ended 331.56 pts lower or -1.36% at 24035.38.
• Across Europe, Germany's DAX trades lower by 320.65 pts or -1.34% at 23629.29, FTSE 100 lower by 8.81 pts or -0.1% at 8855.51, CAC 40 down 62.29 pts or -0.8% at 7713.61 and Euro Stoxx 50 down 57.89 pts or -1.07% at 5335.26.
• Dow Jones mini down 222 pts or -0.52% at 42680, S&P 500 mini down 31.25 pts or -0.52% at 5996.75, NASDAQ mini down 124.5 pts or -0.57% at 21761.25.