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EQUITIES: Friday's Gains Reinforce Bullish Theme for Eurostoxx 50 Futures

EQUITIES

A bull cycle in Eurostoxx 50 futures remains intact and Friday’s gains reinforce the current condition. 5039.84, 61.8% of the May 16 - Jun 14 sell-off, has been cleared. This has resulted in a print above 5082.32, the 76.4% retracement. A clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5132.00, Jun 6 high. Initial support is 4997.26, the 50-day EMA. The trend condition in S&P E-Minis is bullish and the contract traded to a fresh trend high once again last week. The continuation higher confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. Moving average studies are in a clear bull-mode set-up too and this continues to highlight positive market sentiment. Sights are on the 5713.31, a Fibonacci projection. Firm support is at 5569.65, the 20-day EMA.

  • In China the SHANGHAI closed higher by 2.716 pts or +0.09% at 2974.011 and the HANG SENG ended 277.44 pts lower or -1.52% at 18015.94.
  • Across Europe, Germany's DAX trades lower by 41.73 pts or -0.22% at 18709.66, FTSE 100 lower by 13.78 pts or -0.17% at 8239.52, CAC 40 down 37.76 pts or -0.49% at 7686.03 and Euro Stoxx 50 down 18.2 pts or -0.36% at 5024.77.
  • Dow Jones mini up 163 pts or +0.4% at 40465, S&P 500 mini up 23 pts or +0.41% at 5688, NASDAQ mini up 102.75 pts or +0.5% at 20627.75.
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