E-Mini S&Ps Remain Close to Recent Highs

Eurostoxx 50 futures traded higher Friday as the contract recovered from last Wednesday’s low of 4216.00. For now, the move higher 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 following recent gains. 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. The focus is on 4327.50 next, the Aug 16 2022 high. The 50-day EMA, at 4149.71 remains a key support. A break is required to signal a reversal.

• Japan's NIKKEI closed higher by 289.35 pts or +0.9% at 32506.78 and the TOPIX ended 16.49 pts higher or +0.74% at 2236.28.
• Elsewhere, in China the SHANGHAI closed lower by 37.101 pts or -1.15% at 3195.34 and the HANG SENG ended 9.22 pts lower or -0.05% at 19099.28.
• Across Europe, Germany's DAX trades higher by 1.53 pts or +0.01% at 15965.19, FTSE 100 lower by 28.71 pts or -0.38% at 7571.5, CAC 40 down 7.09 pts or -0.1% at 7193.82 and Euro Stoxx 50 down 5.93 pts or -0.14% at 4287.31.
• Dow Jones mini down 33 pts or -0.1% at 33588, S&P 500 mini down 3 pts or -0.07% at 4278.5, NASDAQ mini down 3.5 pts or -0.02% at 14587.25.