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EQUITIES: This Wek's Gains Reinforces Bullish Set Up in E-Mini S&P

EQUITIES

A bull cycle in Eurostoxx 50 futures remains intact and attention is on resistance at 5039.84, 61.8% of the May 16 - Jun 14 sell-off. It was pierced Friday, a clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5082.32, the 76.4% retracement point. On the downside, a reversal would instead refocus attention on 4846.00, Apr 19 low and a key support. The trend condition in S&P E-Minis is bullish and this week’s extension reinforces this set-up. Fresh cycle highs confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a clear bull-mode set-up and this continues to highlight positive market sentiment. Sights are on 5668.00, a Fibonacci projection. Support is at 5526.86, the 20-day EMA.     

  • Japan's NIKKEI closed higher by 799.47 pts or +1.96% at 41580.17 and the TOPIX ended 27.94 pts higher or +0.97% at 2895.55.
  • Elsewhere, in China the SHANGHAI closed higher by 36.922 pts or +1.26% at 2959.372 and the HANG SENG ended 0.83 pts lower or 0% at 17523.23.
  • Across Europe, Germany's DAX trades lower by 17.88 pts or -0.1% at 18453.31, FTSE 100 higher by 16.49 pts or +0.2% at 8209.99, CAC 40 down 30.26 pts or -0.4% at 7597.19 and Euro Stoxx 50 down 12.9 pts or -0.26% at 4956.93.
  • Dow Jones mini up 59 pts or +0.15% at 39709, S&P 500 mini up 13.25 pts or +0.24% at 5638.5, NASDAQ mini up 73 pts or +0.35% at 20732.25.
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