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E-Mini S&P Trend Remains Bullish Following Move Higher Last Week


Eurostoxx 50 futures traded higher Friday as the contract recovered from last Wednesday’s low of 4216.00. For now, the climb appears to be a correction - price action earlier last week reinforced a bearish theme - support at 4252.00, the May 25 low has been breached. Price has also pierced support at 4233.00, the May 4 low and a key short-term level. Resistance to watch is 4362.00, May 29 high, a break would be bullish. S&P E-minis trend conditions remain bullish and the contract traded higher Friday. Resistance at 4244.00, the Feb 2 high and a medium-term bull trigger, has been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. This opens 4327.50 next, the Aug 16 2022 high. The 50-day EMA, at 4144.35 remains a key support. A break of this average is required to signal a reversal.

  • Japan's NIKKEI closed higher by 693.21 pts or +2.2% at 32217.43 and the TOPIX ended 37.09 pts higher or +1.7% at 2219.79.
  • Elsewhere, in China the SHANGHAI closed higher by 2.372 pts or +0.07% at 3232.441 and the HANG SENG ended 158.56 pts higher or +0.84% at 19108.5.
  • Across Europe, Germany's DAX trades higher by 6.67 pts or +0.04% at 16058.23, FTSE 100 higher by 42.16 pts or +0.55% at 7649.57, CAC 40 down 2.41 pts or -0.03% at 7268.28 and Euro Stoxx 50 down 1.09 pts or -0.03% at 4322.43.
  • Dow Jones mini up 32 pts or +0.09% at 33849, S&P 500 mini down 1 pts or -0.02% at 4287, NASDAQ mini down 36.25 pts or -0.25% at 14539.

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