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E-Mini S&P Remain Close to Thursday Cycle High

EQUITIES

Eurostoxx 50 futures trading higher again this week. The rally has resulted in a move above the 50-day EMA at 4335.00 and price is through 4371.00, the Jul 6 high. Clearance of this latter level highlights a potentially stronger bull cycle and attention is on key resistance and the bull trigger at 4447.00, the Jul 3 high. Key support and the bear trigger has been defined at 4220.00, the Jul 7 low. Initial support is at the 50-day EMA. A bull theme in S&P E-minis remains intact. This week’s rally has resulted in a break of resistance at 4498.00, the Jun 30 high. The break confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4556.71, a Fibonacci projection. First support lies at 4439.81, the 20-day EMA. Clearance of this level would highlight a S/T bearish threat.


  • Japan's NIKKEI closed lower by 28.07 pts or -0.09% at 32391.26 and the TOPIX ended 3.89 pts lower or -0.17% at 2239.1.
  • Elsewhere, in China the SHANGHAI closed higher by 1.221 pts or +0.04% at 3237.701 and the HANG SENG ended 63.16 pts higher or +0.33% at 19413.78.
  • Across Europe, Germany's DAX trades lower by 27.21 pts or -0.17% at 16113.95, FTSE 100 higher by 11.01 pts or +0.15% at 7451.24, CAC 40 up 23.6 pts or +0.32% at 7393.4 and Euro Stoxx 50 up 10.31 pts or +0.23% at 4402.07.
  • Dow Jones mini down 28 pts or -0.08% at 34560, S&P 500 mini down 1 pts or -0.02% at 4542.5, NASDAQ mini up 11.25 pts or +0.07% at 15722.75.
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