EQUITIES: E-Mini S&P Holds Onto Tuesday's Gains, Conditions Bullish

Eurostoxx 50 futures are in consolidation mode. The trend condition remains bullish and the recovery from the Jun 14 low appears to be an early reversal of the May 16 - Jun 14 correction. Attention is on 5039.84, a Fibonacci retracement. Clearance of this level would be a positive development. A reversal lower would instead signal a resumption of the bearish corrective cycle that started May 16 and open 4846.00, Apr 19 low and a key support. The trend condition in S&P E-Minis is unchanged and signals remain bullish. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This break confirmed a resumption of the primary uptrend. Note that the recent pause in the trend still appears to be flag formation - a bullish continuation signal that reinforces current conditions. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5496.53, the 20-day EMA.     

• Japan's NIKKEI closed higher by 506.07 pts or +1.26% at 40580.76 and the TOPIX ended 15.56 pts higher or +0.54% at 2872.18.
• Elsewhere, in China the SHANGHAI closed lower by 14.636 pts or -0.49% at 2982.375 and the HANG SENG ended 209.43 pts higher or +1.18% at 17978.57.
• Across Europe, Germany's DAX trades higher by 87.69 pts or +0.48% at 18250.23, FTSE 100 higher by 29.62 pts or +0.36% at 8151.25, CAC 40 up 57.67 pts or +0.77% at 7596.18 and Euro Stoxx 50 up 36.36 pts or +0.74% at 4942.86.
• Dow Jones mini up 22 pts or +0.06% at 39710, S&P 500 mini down 1 pts or -0.02% at 5567.75, NASDAQ mini up 3.25 pts or +0.02% at 20258.5.