EQUITIES: E-Mini S&P Remains Close to Wednesday's High

The trend condition in Eurostoxx 50 futures remains bullish and the recent pullback is considered corrective. Yesterday’s sell-off resulted in a break of support at 4943.00, the Jun 11 low. This highlights potential for a deeper short-term retracement and sights are on 4894.90, a Fibonacci retracement. Initial resistance is seen at 5046.00, the Jun 12 high. A break of this hurdle would signal a resumption of the uptrend. The uptrend in S&P E-Minis remains intact and the contract traded higher Wednesday. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, a Fibonacci projection. Key short-term support has been defined at 5205.50, the May 31 low. Initial support lies at 5333.75, the 20-day EMA.

• Japan's NIKKEI closed higher by 94.09 pts or +0.24% at 38814.56 and the TOPIX ended 14.83 pts higher or +0.54% at 2746.61.
• Elsewhere, in China the SHANGHAI closed higher by 3.714 pts or +0.12% at 3032.633 and the HANG SENG ended 170.85 pts lower or -0.94% at 17941.78.
• Across Europe, Germany's DAX trades lower by 97.94 pts or -0.54% at 18167.46, FTSE 100 lower by 13.69 pts or -0.17% at 8150.08, CAC 40 down 104.54 pts or -1.36% at 7603.11 and Euro Stoxx 50 down 39.61 pts or -0.8% at 4895.93.
• Dow Jones mini down 171 pts or -0.44% at 38508, S&P 500 mini down 7 pts or -0.13% at 5431.25, NASDAQ mini up 34 pts or +0.17% at 19636.75.