EQUITIES: Trend Conditions in E-Mini S&P Remain Bullish Despite Thursday's Dip

A bull cycle in Eurostoxx 50 futures remains intact. Attention is on resistance at 5039.84, 61.8% of the May 16 - Jun 14 sell-off. It was pierced last week, 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. A stronger reversal would instead expose 4846.00, the Apr 19 low and a key support. The trend condition in S&P E-Minis is bullish and the contract traded to a fresh trend high once again Thursday. The continuation higher confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. Moving average studies are in a clear bull-mode set-up too and this continues to highlight positive market sentiment. Sights are on the 5713.31, a Fibonacci projection. Firm support is at 5559.64, the 20-day EMA.

• Japan's NIKKEI closed lower by 1033.34 pts or -2.45% at 41190.68 and the TOPIX ended 34.61 pts lower or -1.18% at 2894.56.
• Elsewhere, in China the SHANGHAI closed higher by 0.908 pts or +0.03% at 2971.295 and the HANG SENG ended 461.05 pts higher or +2.59% at 18293.38.
• Across Europe, Germany's DAX trades higher by 52.99 pts or +0.29% at 18587.17, FTSE 100 higher by 29.64 pts or +0.36% at 8253.02, CAC 40 up 61.25 pts or +0.8% at 7689.46 and Euro Stoxx 50 up 25.47 pts or +0.51% at 5001.53.
• Dow Jones mini up 43 pts or +0.11% at 40132, S&P 500 mini up 4.25 pts or +0.08% at 5644, NASDAQ mini down 10 pts or -0.05% at 20432.75.