Eurostoxx 50 Futures Trade Close to June Highs

Eurostoxx 50 futures traded higher last Friday. Resistance at 4380.00, the May 29 high, was cleared and key resistance at 4434.00, the May 19 high, has been pierced. A clear break of this hurdle would represent an important bullish development and open 4448.00, the Jan 2008 high. Moving average studies remain in bull-mode condition highlighting an uptrend. Initial firm support to watch is at 4303.00, the Jun 7 low. S&P E-minis traded higher last week. This 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 4494.20, the top of a bull channel drawn from the Oct 2022 low. Initial support is at 4381.75, the Jun 13 low. A firmer support lies at 4332.90, the 20-day EMA.

• Japan's NIKKEI closed higher by 18.49 pts or +0.06% at 33388.91 and the TOPIX ended 6.65 pts lower or -0.29% at 2283.85.
• Elsewhere, in China the SHANGHAI closed lower by 15.441 pts or -0.47% at 3240.365 and the HANG SENG ended 305.81 pts lower or -1.54% at 19607.08.
• Across Europe, Germany's DAX trades lower by 118.91 pts or -0.73% at 16082.09, FTSE 100 higher by 2.69 pts or +0.04% at 7591.17, CAC 40 down 22.52 pts or -0.31% at 7291.53 and Euro Stoxx 50 down 17.28 pts or -0.4% at 4345.1.
• Dow Jones mini down 147 pts or -0.42% at 34455, S&P 500 mini down 21.25 pts or -0.48% at 4432.5, NASDAQ mini down 96.75 pts or -0.63% at 15170.75.