E-Mini S&Ps Remain Close to Recent Highs

Eurostoxx 50 futures are consolidating and price remains above 4216.00, the May 31 low and a key support. For now, the recent move higher appears 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 continue to trade inside the recent range. The trend outlook remains bullish and the recent break of resistance at 4244.00, the Feb 2 high, reinforces current conditions. This confirmed 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 4165.06 remains a key support. A break is required to signal a reversal.

• Japan's NIKKEI closed higher by 623.9 pts or +1.97% at 32265.17 and the TOPIX ended 32.82 pts higher or +1.5% at 2224.32.
• Elsewhere, in China the SHANGHAI closed higher by 17.821 pts or +0.55% at 3231.406 and the HANG SENG ended 90.77 pts higher or +0.47% at 19424.96.
• Across Europe, Germany's DAX trades lower by 29.77 pts or -0.19% at 15963.3, FTSE 100 lower by 6.62 pts or -0.09% at 7598.89, CAC 40 down 8.03 pts or -0.11% at 7218.03 and Euro Stoxx 50 down 4.23 pts or -0.1% at 4294.95.
• Dow Jones mini down 86 pts or -0.25% at 33759, S&P 500 mini down 7.5 pts or -0.17% at 4286.5, NASDAQ mini down 8.25 pts or -0.06% at 14478.75.