Eurostoxx 50 Futures Maintain Bullish Theme Post-ECB

Eurostoxx 50 futures traded higher Wednesday and the contract is trading just off its recent highs. Resistance at 4380.00, the May 29 high has been cleared. This is a bullish development and signals scope for an extension higher towards key resistance at 4434.00, the May 19 high. Clearance of this hurdle would represent an important bullish development. Initial support to watch is at 4303.00, the Jun 7 low. S&P E-minis traded higher again Thursday. The move confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4491.19, the top of a bull channel drawn from the Oct 2022 low (cont). Firm support is at 4320.18, the 20-day EMA. Initial support is at 4381.75, the Jun 5 high.

• Japan's NIKKEI closed higher by 220.59 pts or +0.66% at 33706.08 and the TOPIX ended 6.39 pts higher or +0.28% at 2300.36.
• Elsewhere, in China the SHANGHAI closed higher by 20.359 pts or +0.63% at 3273.334 and the HANG SENG ended 211.45 pts higher or +1.07% at 20040.37.
• Across Europe, Germany's DAX trades higher by 42.01 pts or +0.26% at 16331.96, FTSE 100 higher by 42.01 pts or +0.55% at 7670.22, CAC 40 up 47.13 pts or +0.65% at 7338.04 and Euro Stoxx 50 up 16.71 pts or +0.38% at 4381.83.
• Dow Jones mini up 9 pts or +0.03% at 34429, S&P 500 mini up 5.25 pts or +0.12% at 4431.75, NASDAQ mini up 27.75 pts or +0.18% at 15218.5.