E-Mini S&P Trades Close to Tuesday's Fresh Cycle High

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. A bull theme in S&P E-minis made itself felt Tuesday, with the U3 contract rallying to a new cycle high. This week’s rally accelerated on a break of resistance at 4498.00, the Jun 30 high, with envelope resistance managing to slow the rally above. The break confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract now eyes 4631.00, the high from March 29th 2022, as the next medium-term upside level. 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 higher by 402.14 pts or +1.24% at 32896.03 and the TOPIX ended 26.69 pts higher or +1.19% at 2278.97.
• Elsewhere, in China the SHANGHAI closed higher by 1.016 pts or +0.03% at 3198.836 and the HANG SENG ended 63.41 pts lower or -0.33% at 18975.02.
• Across Europe, Germany's DAX trades higher by 39.25 pts or +0.24% at 16171.46, FTSE 100 higher by 101.8 pts or +1.37% at 7545.01, CAC 40 up 42.29 pts or +0.58% at 7351.18 and Euro Stoxx 50 up 16.49 pts or +0.38% at 4385.78.
• Dow Jones mini up 59 pts or +0.17% at 35187, S&P 500 mini up 3.25 pts or +0.07% at 4587.75, NASDAQ mini up 14.75 pts or +0.09% at 15974.5.