E-Mini S&Ps Conditions Still Bullish Following Recent Break of Bull Trigger

Eurostoxx 50 futures continue to trade above 4216.00, the May 31 low and a key support. For now, the recent move higher appears to be a correction. Price action last week reinforced a bearish theme - support at 4252.00, the May 25 low, has been breached. The contract 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 a bullish development. S&P E-minis are in a consolidation mode but the trend condition is bullish following recent gains. Resistance at 4244.00, Feb 2 high and a bull trigger, has recently been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). The 50-day EMA, at 4155.00 remains a key support. A break is required to signal a reversal.

• Japan's NIKKEI closed lower by 272.47 pts or -0.85% at 31641.27 and the TOPIX ended 14.8 pts lower or -0.67% at 2191.5.
• Elsewhere, in China the SHANGHAI closed higher by 15.826 pts or +0.49% at 3213.585 and the HANG SENG ended 47.18 pts higher or +0.25% at 19299.18.
• Across Europe, Germany's DAX trades higher by 30.79 pts or +0.19% at 15991.17, FTSE 100 lower by 10.53 pts or -0.14% at 7614.46, CAC 40 up 18.67 pts or +0.26% at 7221.6 and Euro Stoxx 50 up 5.26 pts or +0.12% at 4297.21.
• Dow Jones mini up 14 pts or +0.04% at 33722, S&P 500 mini up 1.75 pts or +0.04% at 4276.25, NASDAQ mini down 4.5 pts or -0.03% at 14327.