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EQUITIES: Eurostoxx 50 Futures Trading Near Fibonacci Resistance Level

EQUITIES

Eurostoxx 50 futures continue to trade inside a range. The trend condition is 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 move down 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 remains 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. Yesterday's all-time high print confirms a recent bull flag formation on the daily scale. This is a continuation pattern and reinforces bullish conditions. Sights are on the 5600.00 handle. Support to watch is 5505.46, the 20-day EMA.

  • Japan's NIKKEI closed higher by 332.89 pts or +0.82% at 40913.65 and the TOPIX ended 26.29 pts higher or +0.92% at 2898.47.
  • Elsewhere, in China the SHANGHAI closed lower by 24.808 pts or -0.83% at 2957.567 and the HANG SENG ended 49.71 pts higher or +0.28% at 18028.28.
  • Across Europe, Germany's DAX trades higher by 79.36 pts or +0.43% at 18453.89, FTSE 100 higher by 64.54 pts or +0.79% at 8235.78, CAC 40 up 59.3 pts or +0.78% at 7691.38 and Euro Stoxx 50 up 23.39 pts or +0.47% at 4989.19.
  • Dow Jones mini up 65 pts or +0.16% at 39701, S&P 500 mini up 2.75 pts or +0.05% at 5593, NASDAQ mini down 9.75 pts or -0.05% at 20401.75.
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