May 29, 2024 19:42 GMT
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.
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