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Free AccessE-Mini S&P RSI Tips into Overbought Territory
Eurostoxx 50 futures traded higher last week. The rally 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. The rally accelerated in E-Mini S&P further still Wednesday, with prices surging through the top-end of the bull channel drawn off the March 13th low at 4608.50. This marks another positive shift for S/T momentum and clears the way for a test of the March 29th 2022 high at 4631.00 and - ultimately - all time highs. Nonetheless, the RSI has now tipped into overbought territory, signalling a slowing of the uptrend could dominate to alleviate the condition over the coming few sessions. Any corrective pullback would initially target the 20-day EMA at 4482.32 for support.
- Japan's NIKKEI closed lower by 405.51 pts or -1.23% at 32490.52 and the TOPIX ended 18.07 pts lower or -0.79% at 2260.9.
- Elsewhere, in China the SHANGHAI closed lower by 29.314 pts or -0.92% at 3169.522 and the HANG SENG ended 24.29 pts lower or -0.13% at 18928.02.
- Across Europe, Germany's DAX trades higher by 59.54 pts or +0.37% at 16163.45, FTSE 100 higher by 53.74 pts or +0.71% at 7645.85, CAC 40 up 29.42 pts or +0.4% at 7361.89 and Euro Stoxx 50 up 4.01 pts or +0.09% at 4364.53.
- Dow Jones mini up 49 pts or +0.14% at 35300, S&P 500 mini down 6 pts or -0.13% at 4590.5, NASDAQ mini down 125.5 pts or -0.79% at 15834.25.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.