EQUITIES: E-Mini S&P Trading Close to This Week's Highs

Recent weakness in Eurostoxx 50 futures appears to have been a correction. The recovery from 4947.00, the Jun 4 low, signals the end of the corrective cycle and attention is 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, a break of 4947.00 would instead expose 4894.90, a Fibonacci retracement. The uptrend in S&P E-Minis remains intact and this week’s gains reinforce this set-up. The contract 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 lower by 19.58 pts or -0.05% at 38683.93 and the TOPIX ended 2.2 pts lower or -0.08% at 2755.03.
• Elsewhere, in China the SHANGHAI closed higher by 2.485 pts or +0.08% at 3051.279 and the HANG SENG ended 109.85 pts lower or -0.59% at 18366.95.
• Across Europe, Germany's DAX trades lower by 94.53 pts or -0.51% at 18556.64, FTSE 100 lower by 28.06 pts or -0.34% at 8257.06, CAC 40 down 42.29 pts or -0.53% at 7996.91 and Euro Stoxx 50 down 12.25 pts or -0.24% at 5056.19.
• Dow Jones mini up 4 pts or +0.01% at 38959, S&P 500 mini up 3 pts or +0.06% at 5367, NASDAQ mini up 30.75 pts or +0.16% at 19090.