Eurostoxx 50 Futures, E-Mini S&Ps Respect Recent Ranges

Eurostoxx 50 futures remain above 4216.00, the May 31 low and a key support. For now, the recent move higher appears to be a correction. Price action last week reinforced a bearish theme - support at 4252.00, the May 25 low, has been breached. The contract has also pierced support at 4233.00, the May 4 low and a key short-term level. Resistance to watch is 4362.00, May 29 high, a break would be bullish. S&P E-minis are in a consolidation mode but the trend condition is bullish following recent gains. Resistance at 4244.00, Feb 2 high and a bull trigger, has recently been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). The 50-day EMA, at 4155.00 remains a key support. A break is required to signal a reversal.

• Japan's NIKKEI closed lower by 593.04 pts or -1.82% at 31913.74 and the TOPIX ended 29.98 pts lower or -1.34% at 2206.3.
• Elsewhere, in China the SHANGHAI closed higher by 2.419 pts or +0.08% at 3197.759 and the HANG SENG ended 152.72 pts higher or +0.8% at 19252.
• Across Europe, Germany's DAX trades lower by 56.83 pts or -0.36% at 15936.03, FTSE 100 higher by 0.01 pts or +0% at 7627.47, CAC 40 down 22.28 pts or -0.31% at 7185.81 and Euro Stoxx 50 down 12.46 pts or -0.29% at 4282.25.
• Dow Jones mini down 45 pts or -0.13% at 33579, S&P 500 mini down 4.75 pts or -0.11% at 4285.75, NASDAQ mini down 30.75 pts or -0.21% at 14555.25.