E-Mini S&Ps Slightly Softer Wednesday; Hold Onto Majority of Tuesday's Gains

The Eurostoxx 50 futures uptrend remains intact and the pair has recovered from Monday’s low. A bearish cycle since Jun 16 resulted in a correction. The contract breached support at 4301.00, the Jun 8 low. This level represented a key short-term support and an extension lower would expose 4241.00, the May 31 low and an important medium-term support point. Key resistance and the bull trigger has been defined at 4438.00, the Jun 16 high. A bull theme in S&P E-minis remains intact and the recent pullback appears to be a correction. The latest move lower has allowed a recent overbought condition to unwind. Initial key support lies at the 20-day EMA, at 4365.83. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4512.24 the top of a bull channel.

• Japan's NIKKEI closed higher by 655.66 pts or +2.02% at 33193.99 and the TOPIX ended 44.79 pts higher or +1.99% at 2298.6.
• Elsewhere, in China the SHANGHAI closed lower by 0.067 pts or 0% at 3189.376 and the HANG SENG ended 23.92 pts higher or +0.12% at 19172.05.
• Across Europe, Germany's DAX trades higher by 105.03 pts or +0.66% at 15955.37, FTSE 100 higher by 27.65 pts or +0.37% at 7491.18, CAC 40 up 46.94 pts or +0.65% at 7264.15 and Euro Stoxx 50 up 27.23 pts or +0.63% at 4333.51.
• Dow Jones mini down 13 pts or -0.04% at 34171, S&P 500 mini down 11.5 pts or -0.26% at 4407.75, NASDAQ mini down 79.75 pts or -0.53% at 15034.25.