E-Mini S&Ps Remain Close to Pre-Fed Levels

Eurostoxx 50 futures traded higher Wednesday and are trading just off the recent highs. Resistance at 4362.00, the May 29 high has been cleared. This is a bullish development and signals scope for an extension higher towards key resistance at 4409.50, the Nov 18 2021 high on the continuation chart. Clearance of this hurdle would represent an important bullish development. Initial support to watch is at 4285.30, the 50-day EMA. S&P E-minis traded higher again Wednesday. The move 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 4452.42, a Fibonacci projection. Firm support is at 4304.28, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.

• Japan's NIKKEI closed lower by 16.93 pts or -0.05% at 33485.49 and the TOPIX ended 0.56 pts lower or -0.02% at 2293.97.
• Elsewhere, in China the SHANGHAI closed higher by 23.986 pts or +0.74% at 3252.975 and the HANG SENG ended 420.5 pts higher or +2.17% at 19828.92.
• Across Europe, Germany's DAX trades lower by 48.91 pts or -0.3% at 16262.47, FTSE 100 lower by 3.17 pts or -0.04% at 7599.58, CAC 40 down 36.27 pts or -0.49% at 7292.26 and Euro Stoxx 50 down 14.45 pts or -0.33% at 4361.53.
• Dow Jones mini down 18 pts or -0.05% at 33972, S&P 500 mini down 7.75 pts or -0.18% at 4366.5, NASDAQ mini down 57 pts or -0.38% at 14955.75.