EQUITIES: Move Higher Wednesday Reinforces Uptrend in E-Mini S&P

The trend condition in Eurostoxx 50 futures remains bullish and the recent pullback is considered corrective. A resumption of gains would refocus attention on key resistance and the bull trigger at 5110.00, the May 16 high. Clearance of this level would confirm a resumption of the uptrend. On the downside, support at 4947.00, the Jun 4 low, has been pierced. A clear break of it would be bearish and instead expose 4894.90, a Fibonacci retracement. The uptrend in S&P E-Minis remains intact and the contract traded higher yesterday. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, a Fibonacci projection. Key short-term support has been defined at 5205.50, the May 31 low. Initial support lies at 5322.72, the 20-day EMA.

• Japan's NIKKEI closed lower by 156.24 pts or -0.4% at 38720.47 and the TOPIX ended 24.66 pts lower or -0.89% at 2731.78.
• Elsewhere, in China the SHANGHAI closed lower by 8.549 pts or -0.28% at 3028.919 and the HANG SENG ended 174.79 pts higher or +0.97% at 18112.63.
• Across Europe, Germany's DAX trades lower by 147.6 pts or -0.79% at 18483.54, FTSE 100 lower by 37.78 pts or -0.46% at 8177.69, CAC 40 down 60.17 pts or -0.77% at 7804.53 and Euro Stoxx 50 down 34.04 pts or -0.68% at 5000.39.
• Dow Jones mini down 124 pts or -0.32% at 38628, S&P 500 mini up 6.75 pts or +0.12% at 5434.25, NASDAQ mini up 135.5 pts or +0.7% at 19632.