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E-Mini S&Ps Continue in Uptrend

EQUITIES

Eurostoxx 50 futures remain in consolidation mode and price is trading above 4216.00, the May 31 low and a key support. For now, the recent gains appear to be a correction. The recent breach of support at 4252.00, the May 25 low, highlights a potential bearish threat. 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. Clearance of this level would be bullish. S&P E-minis traded higher Friday and the contract has cleared its recent highs. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on the 4400.00 handle next. The 50-day EMA, at 4210.03 marks a key support. A break would signal a reversal. Initial firm support is at 4267.69, the 20-day EMA.


  • Japan's NIKKEI closed higher by 168.83 pts or +0.52% at 32434 and the TOPIX ended 14.45 pts higher or +0.65% at 2238.77.
  • Elsewhere, in China the SHANGHAI closed lower by 2.573 pts or -0.08% at 3228.833 and the HANG SENG ended 14.36 pts higher or +0.07% at 19404.31.
  • Across Europe, Germany's DAX trades higher by 162.29 pts or +1.02% at 16112.25, FTSE 100 higher by 25.84 pts or +0.34% at 7589.13, CAC 40 up 60.43 pts or +0.84% at 7275.75 and Euro Stoxx 50 up 39.32 pts or +0.92% at 4330.32.
  • Dow Jones mini up 51 pts or +0.15% at 33960, S&P 500 mini up 13.75 pts or +0.32% at 4318.5, NASDAQ mini up 77.25 pts or +0.53% at 14633.5.
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