EQUITIES: Initial Resistance For Eurostoxx 50 Futures Intact For Now

The trend condition in Eurostoxx 50 futures remains bullish. A corrective cycle has resulted in a pullback from the May high. Recent weakness has seen price breach 4988.00, Jun 11 low, highlighting potential for a deeper retracement and has exposed 4846.00, Apr 19 low and a key support. The recovery from the Jun 14 low is an early bullish signal. Resistance to watch is at 5092.00, Jun 12 high. A break would expose key resistance at 5151.00. The uptrend in S&P E-Minis remains intact and the contract continues to trade close to its recent highs. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position too, highlighting positive market sentiment. Sights are on 5594.66 next, a Fibonacci projection. Initial support lies at 5452.35, the 20-day EMA.

• Japan's NIKKEI closed higher by 208.18 pts or +0.54% at 38804.65 and the TOPIX ended 15.5 pts higher or +0.57% at 2740.19.
• Elsewhere, in China the SHANGHAI closed lower by 35.039 pts or -1.17% at 2963.099 and the HANG SENG ended 0.81 pts lower or 0% at 18027.71.
• Across Europe, Germany's DAX trades higher by 100.44 pts or +0.55% at 18262.77, FTSE 100 higher by 36.18 pts or +0.44% at 8273.76, CAC 40 up 44.12 pts or +0.58% at 7672.69 and Euro Stoxx 50 up 31.83 pts or +0.65% at 4939.13.
• Dow Jones mini up 73 pts or +0.18% at 39656, S&P 500 mini up 10 pts or +0.18% at 5544, NASDAQ mini up 31.75 pts or +0.16% at 20015.25.