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EQUITIES: E-Mini S&P Clears Bull Trigger, Confirming Extension of Bull Cycle

EQUITIES

The trend condition in Eurostoxx 50 futures remains bullish, however, a corrective cycle has resulted in a pullback from the May high, and this bear remains in play for now. Last week’s move lower resulted in a break of 4943.00, the Jun 11 low, highlighting potential for a deeper retracement. Scope is seen for a move towards 4762.00, the Apr 19 low and a key support. Firm resistance is at 5046.00, Jun 12 high. The uptrend in S&P E-Minis remains intact and the contract traded higher Monday, confirming an extension of the current bull cycle. Price has recently cleared 5430.75, the May 23 high and bull trigger. The move has confirmed a resumption of the uptrend. Moving average studies are in a bull-mode  position too, highlighting bullish sentiment. Sights are on  5572.00 next, a Fibonacci projection. Key short-term support has been defined at 5267.75, the May 31 low. Initial support is 5419.80, 20-day EMA.

  • Japan's NIKKEI closed higher by 379.67 pts or +1% at 38482.11 and the TOPIX ended 15.75 pts higher or +0.58% at 2715.76.
  • Elsewhere, in China the SHANGHAI closed higher by 14.355 pts or +0.48% at 3030.246 and the HANG SENG ended 20.57 pts lower or -0.11% at 17915.55.
  • Across Europe, Germany's DAX trades higher by 6.62 pts or +0.04% at 18075.25, FTSE 100 higher by 20.63 pts or +0.25% at 8162.94, CAC 40 down 3.85 pts or -0.05% at 7567.72 and Euro Stoxx 50 up 3.32 pts or +0.07% at 4883.74.
  • Dow Jones mini down 37 pts or -0.1% at 38781, S&P 500 mini down 2.75 pts or -0.05% at 5475.75, NASDAQ mini up 23.5 pts or +0.12% at 19944.75.
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