EQUITIES: E-Mini S&P Holds Onto Recent Gains, Uptrend Intact

The trend condition in Eurostoxx 50 futures is bullish and short-term weakness is considered corrective. A resumption of gains would refocus attention on key resistance and the bull trigger at 5110.00, the May 16 high. Clearance of this level would confirm a resumption of the uptrend. On the downside, support to watch lies at 4947.00, the Jun 4 low. A break would be bearish and instead expose 4894.90, a Fibonacci retracement. The uptrend in S&P E-Minis remains intact and the contract is holding on to its recent gains. Price has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low. Clearance of this level is required to signal a short-term reversal.      

• Japan's NIKKEI closed higher by 96.63 pts or +0.25% at 39134.79 and the TOPIX ended 5.69 pts lower or -0.2% at 2776.8.
• Elsewhere, in China the SHANGHAI closed lower by 23.234 pts or -0.76% at 3028.045 and the HANG SENG ended 190.61 pts lower or -1.04% at 18176.34.
• Across Europe, Germany's DAX trades higher by 8.42 pts or +0.05% at 18501.57, FTSE 100 lower by 7.92 pts or -0.1% at 8219.87, CAC 40 up 17.36 pts or +0.22% at 7911.69 and Euro Stoxx 50 up 3.53 pts or +0.07% at 5020.05.
• Dow Jones mini down 77 pts or -0.2% at 38853, S&P 500 mini down 6.75 pts or -0.13% at 5364.5, NASDAQ mini down 27.75 pts or -0.15% at 19082.