Free Trial

EQUITIES: Futures in Consolidation Mode, As Bullish Trends Correct

EQUITIES

Eurostoxx 50 futures are in consolidation mode. The recent trend condition  remains bullish and the recent pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. The uptrend in S&P E-Minis remains intact and the most recent pullback appears to be a correction. The contract also traded to a fresh cycle high on May 23, reinforcing a bullish theme. Recent gains have also resulted in a break of 5333.50, Apr 1 high.

  • Japan's NIKKEI closed lower by 298.5 pts or -0.77% at 38556.87 and the TOPIX ended 26.88 pts lower or -0.97% at 2741.62.
  • Elsewhere, in China the SHANGHAI closed higher by 1.446 pts or +0.05% at 3111.018 and the HANG SENG ended 344.15 pts lower or -1.83% at 18477.01.
  • Across Europe, Germany's DAX trades lower by 204.58 pts or -1.1% at 18473.29, FTSE 100 lower by 71.11 pts or -0.86% at 8183.07, CAC 40 down 122.77 pts or -1.52% at 7935.03 and Euro Stoxx 50 down 67.15 pts or -1.33% at 4963.2.
  • Dow Jones mini down 367 pts or -0.94% at 38580, S&P 500 mini down 29 pts or -0.54% at 5295.75, NASDAQ mini down 89.75 pts or -0.47% at 18851.5.
     

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.