EQUITIES: Trend Condition in E-Mini S&P Unchanged and Signals Remain Bullish

The trend condition in Eurostoxx 50 futures remains bullish. The recovery from the Jun 14 low appears to be an early reversal signal highlighting the end of the May 16 - Jun 14 correction. Attention is on 5039.84, a Fibonacci retracement. Clearance of this level would be a positive development. For bears, a reversal lower would signal a resumption of the bearish corrective cycle. This would open 4846.00, the Apr 19 low and a key support. The trend condition in S&P E-Minis is unchanged and signals remain bullish with price trading closer to its recent highs. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting positive sentiment. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5480.29, the 20-day EMA.

• Japan's NIKKEI closed higher by 241.54 pts or +0.61% at 39583.08 and the TOPIX ended 15.93 pts higher or +0.57% at 2809.63.
• Elsewhere, in China the SHANGHAI closed higher by 21.551 pts or +0.73% at 2967.403 and the HANG SENG ended 2.14 pts higher or +0.01% at 17718.61.
• Across Europe, Germany's DAX trades higher by 75.96 pts or +0.42% at 18286.46, FTSE 100 higher by 33.41 pts or +0.41% at 8213.16, CAC 40 down 30.66 pts or -0.41% at 7500.67 and Euro Stoxx 50 up 6.7 pts or +0.14% at 4909.54.
• Dow Jones mini up 16 pts or +0.04% at 39566, S&P 500 mini up 17 pts or +0.31% at 5563, NASDAQ mini up 75.5 pts or +0.38% at 20115.