EQUITIES: Uptrend in E-Mini S&P Intact, Despite Weakness Off Thursday Highs

The trend condition in Eurostoxx 50 futures remains bullish. A corrective cycle has resulted in a pullback from the May high. Recent weakness has seen price breach 4988.00, Jun 11 low, highlighting potential for a deeper retracement and has exposed 4846.00, Apr 19 low and a key support. The recovery from the Jun 14 low is an early bullish signal. Resistance to watch is at 5092.00, Jun 12 high. A break would expose key resistance at 5151.00. The uptrend in S&P E-Minis remains intact, despite weakness off highs on Thursday. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position too, highlighting positive market sentiment. Sights are on 5594.66 next, a Fibonacci projection. Initial support lies at 5443.73, the 20-day EMA.

• Japan's NIKKEI closed lower by 36.55 pts or -0.09% at 38596.47 and the TOPIX ended 0.85 pts lower or -0.03% at 2724.69.
• Elsewhere, in China the SHANGHAI closed lower by 7.299 pts or -0.24% at 2998.138 and the HANG SENG ended 306.8 pts lower or -1.67% at 18028.52.
• Across Europe, Germany's DAX trades lower by 59.38 pts or -0.33% at 18194.25, FTSE 100 lower by 25.87 pts or -0.31% at 8246.91, CAC 40 down 32.44 pts or -0.42% at 7638.9 and Euro Stoxx 50 down 29.95 pts or -0.61% at 4917.78.
• Dow Jones mini down 48 pts or -0.12% at 39099, S&P 500 mini down 13.25 pts or -0.24% at 5463.5, NASDAQ mini down 51 pts or -0.26% at 19712.25.