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EQUITIES: This Week's Gains Reinforce Bullish E-Mini S&P Set-Up

EQUITIES
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Recent weakness in Eurostoxx 50 futures appears to have been a correction. The recovery from 4947.00, the Jun 4 low, signals the end of the corrective cycle and a continuation higher 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, a break of 4947.00 would instead expose 4894.90, a Fibonacci retracement. The uptrend in S&P E-Minis remains intact and this week’s gains reinforce this set-up. Price has traded above 5368.25, the May 23 high and bull trigger. The break confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low. Clearance of this level is required to signal a short-term reversal.

  • Japan's NIKKEI closed higher by 213.34 pts or +0.55% at 38703.51 and the TOPIX ended 9.01 pts higher or +0.33% at 2757.23.
  • Elsewhere, in China the SHANGHAI closed lower by 16.609 pts or -0.54% at 3048.794 and the HANG SENG ended 51.84 pts higher or +0.28% at 18476.8.
  • Across Europe, Germany's DAX trades higher by 194.76 pts or +1.05% at 18770.67, FTSE 100 higher by 23.21 pts or +0.28% at 8270.16, CAC 40 up 44.79 pts or +0.56% at 8051.36 and Euro Stoxx 50 up 43.09 pts or +0.86% at 5078.75.
  • Dow Jones mini down 16 pts or -0.04% at 38868, S&P 500 mini up 2.75 pts or +0.05% at 5368.75, NASDAQ mini up 32.25 pts or +0.17% at 19106.5.
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Recent weakness in Eurostoxx 50 futures appears to have been a correction. The recovery from 4947.00, the Jun 4 low, signals the end of the corrective cycle and a continuation higher 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, a break of 4947.00 would instead expose 4894.90, a Fibonacci retracement. The uptrend in S&P E-Minis remains intact and this week’s gains reinforce this set-up. Price has traded above 5368.25, the May 23 high and bull trigger. The break confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low. Clearance of this level is required to signal a short-term reversal.

  • Japan's NIKKEI closed higher by 213.34 pts or +0.55% at 38703.51 and the TOPIX ended 9.01 pts higher or +0.33% at 2757.23.
  • Elsewhere, in China the SHANGHAI closed lower by 16.609 pts or -0.54% at 3048.794 and the HANG SENG ended 51.84 pts higher or +0.28% at 18476.8.
  • Across Europe, Germany's DAX trades higher by 194.76 pts or +1.05% at 18770.67, FTSE 100 higher by 23.21 pts or +0.28% at 8270.16, CAC 40 up 44.79 pts or +0.56% at 8051.36 and Euro Stoxx 50 up 43.09 pts or +0.86% at 5078.75.
  • Dow Jones mini down 16 pts or -0.04% at 38868, S&P 500 mini up 2.75 pts or +0.05% at 5368.75, NASDAQ mini up 32.25 pts or +0.17% at 19106.5.