Eurostoxx 50 Futures Remain Vulnerable Despite Recent Bounce

Eurostoxx 50 futures remain vulnerable despite the latest bounce. The contract traded sharply lower last week, clearing a number of key support levels in the process. 4241.00, the May 31 low, has been breached highlighting a potential reversal. This has opened 4208.50, a Fibonacci retracement point. Key short-term resistance is seen at 4330.20, the 50-day EMA. A break of this average would ease bearish pressure. A bull theme in S&P E-minis remains intact and the pullback last week appears to be a correction - for now. Attention is on the first support 4415.05, the 20-day EMA. Clearance of this level would strengthen a bearish threat and expose 4368.50, the Jun 26 low and a key support. The bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend and open 4532.08, a Fibonacci projection.

• Japan's NIKKEI closed higher by 13.84 pts or +0.04% at 32203.57 and the TOPIX ended 6.93 pts lower or -0.31% at 2236.4.
• Elsewhere, in China the SHANGHAI closed higher by 17.671 pts or +0.55% at 3221.367 and the HANG SENG ended 180.11 pts higher or +0.97% at 18659.83.
• Across Europe, Germany's DAX trades higher by 3.32 pts or +0.02% at 15675.18, FTSE 100 lower by 16.87 pts or -0.23% at 7256.59, CAC 40 up 34.11 pts or +0.48% at 7177.74 and Euro Stoxx 50 up 6.02 pts or +0.14% at 4262.4.
• Dow Jones mini down 36 pts or -0.11% at 34111, S&P 500 mini down 2.5 pts or -0.06% at 4441.75, NASDAQ mini down 1 pts or -0.01% at 15186.25.