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EQUITIES: Bullish Theme in E-Mini S&P Intact With Contract at Recent Highs

EQUITIES
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Eurostoxx 50 futures traded higher last week and the contract is holding on to its latest gains. This means all key retracement points of the Jul 12 - Aug 5 bear leg have been cleared. Sights are on 4997.00 next, the Jul 17 high, where a break would open 5087.00, the Jul 12 high. Initial firm support to watch is seen at 4888.95, the 20-day EMA. A break of this average would signal scope for a corrective pullback. A bullish theme S&P E-Minis remains intact and the contract is trading at its recent highs. A resumption of gains would pave the way for a climb towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Clearance of this level would resume the primary uptrend. Support to watch lies at 5518.91, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat.

  • Japan's NIKKEI closed lower by 14.56 pts or -0.04% at 38686.31 and the TOPIX ended 17.28 pts higher or +0.64% at 2733.27.
  • Elsewhere, in China the SHANGHAI closed lower by 8.056 pts or -0.29% at 2802.979 and the HANG SENG ended 40.48 pts lower or -0.23% at 17651.49.
  • Across Europe, Germany's DAX trades lower by 27.58 pts or -0.15% at 18904.02, FTSE 100 lower by 6.59 pts or -0.08% at 8356.96, CAC 40 up 5.16 pts or +0.07% at 7651.23 and Euro Stoxx 50 down 7.11 pts or -0.14% at 4965.62.
  • Dow Jones mini down 114 pts or -0.27% at 41538, S&P 500 mini down 9.5 pts or -0.17% at 5651.5, NASDAQ mini down 50.5 pts or -0.26% at 19573.25.
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Eurostoxx 50 futures traded higher last week and the contract is holding on to its latest gains. This means all key retracement points of the Jul 12 - Aug 5 bear leg have been cleared. Sights are on 4997.00 next, the Jul 17 high, where a break would open 5087.00, the Jul 12 high. Initial firm support to watch is seen at 4888.95, the 20-day EMA. A break of this average would signal scope for a corrective pullback. A bullish theme S&P E-Minis remains intact and the contract is trading at its recent highs. A resumption of gains would pave the way for a climb towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Clearance of this level would resume the primary uptrend. Support to watch lies at 5518.91, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat.

  • Japan's NIKKEI closed lower by 14.56 pts or -0.04% at 38686.31 and the TOPIX ended 17.28 pts higher or +0.64% at 2733.27.
  • Elsewhere, in China the SHANGHAI closed lower by 8.056 pts or -0.29% at 2802.979 and the HANG SENG ended 40.48 pts lower or -0.23% at 17651.49.
  • Across Europe, Germany's DAX trades lower by 27.58 pts or -0.15% at 18904.02, FTSE 100 lower by 6.59 pts or -0.08% at 8356.96, CAC 40 up 5.16 pts or +0.07% at 7651.23 and Euro Stoxx 50 down 7.11 pts or -0.14% at 4965.62.
  • Dow Jones mini down 114 pts or -0.27% at 41538, S&P 500 mini down 9.5 pts or -0.17% at 5651.5, NASDAQ mini down 50.5 pts or -0.26% at 19573.25.