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E-Mini S&Ps Extend Bull Cycle Ahead of FOMC

EQUITIES

Eurostoxx 50 futures traded higher Tuesday. Attention turns to resistance at 4362.00, the May 29 high. Clearance of this level would be a bullish development and signal scope for an extension higher towards key resistance at 4409.50, the Nov 18 2021 high on the continuation chart. The recent break of a number of support levels still highlights a potential bearish threat. A reversal lower would expose 4216.00, May 31 low and bear trigger. S&P E-minis traded higher again Tuesday and the contract is holding on to its latest gains. The break higher 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 a climb towards 4427.79, a Fibonacci projection. Initial firm support is at 4292.26, the 20-day EMA.


  • Japan's NIKKEI closed higher by 483.77 pts or +1.47% at 33502.42 and the TOPIX ended 29.74 pts higher or +1.31% at 2294.53.
  • Elsewhere, in China the SHANGHAI closed lower by 4.684 pts or -0.14% at 3228.989 and the HANG SENG ended 113 pts lower or -0.58% at 19399.
  • Across Europe, Germany's DAX trades higher by 57.43 pts or +0.35% at 16267.45, FTSE 100 higher by 6.91 pts or +0.09% at 7605.88, CAC 40 up 40.39 pts or +0.55% at 7317.06 and Euro Stoxx 50 up 22.34 pts or +0.51% at 4360.05.
  • Dow Jones mini down 17 pts or -0.05% at 34195, S&P 500 mini up 10.25 pts or +0.23% at 4379.25, NASDAQ mini up 44.25 pts or +0.3% at 14947.25.
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