Eurostoxx 50 futures are holding on to recent highs. The recovery from Monday’s 4057.00 low has resulted in a breach of both the 20- and 50-day EMAs. A continuation higher would signal scope for 4184.50, a Fibonacci retracement. Key resistance and the bull trigger is at 4268.00, the Mar 6 high. On the downside, a reversal lower and a breach of 3914.00 would resume the recent downtrend. Initial support lies at 4069.00, the Mar 21 low. S&P E-Minis reversed sharply lower Wednesday. It is too early to tell whether the pullback marks the start of a bearish cycle. However, the move lower means that price has - so far - failed to hold above pivot resistance around the 50-day EMA. The average intersects at 4021.50 and a clear break is required to strengthen bullish conditions. Watch support at 3966.25, Wednesday’s low - a break would be bearish. Key S/T resistance is 4073.75.

• Japan's NIKKEI closed lower by 34.36 pts or -0.13% at 27385.25 and the TOPIX ended 2 pts lower or -0.1% at 1955.32.
• Elsewhere, in China the SHANGHAI closed lower by 20.995 pts or -0.64% at 3265.654 and the HANG SENG ended 133.96 pts lower or -0.67% at 19915.68.
• Across Europe, Germany's DAX trades lower by 177.27 pts or -1.17% at 15030.67, FTSE 100 lower by 91.96 pts or -1.23% at 7406.35, CAC 40 down 80.2 pts or -1.12% at 7058.14 and Euro Stoxx 50 down 51.72 pts or -1.23% at 4154.97.
• Dow Jones mini down 90 pts or -0.28% at 32218, S&P 500 mini down 5.5 pts or -0.14% at 3970.75, NASDAQ mini up 8.5 pts or +0.07% at 12857.