Italian Equities Hit Best Level Since 2008

The Eurostoxx 50 futures uptrend remains intact and the pair has recovered from Monday’s low. A continuation higher would open 4448.00, the Jun 16 high and the bull trigger. A break of this hurdle would confirm a resumption of the uptrend and expose 4472.40, a Fibonacci projection. On the downside, key support lies at 4241.00, the May 31 low. A breach of this level is required to signal a reversal. A bull theme in S&P E-minis remains intact and the recent pullback still appears to be a correction. The move lower has allowed an overbought trend condition to unwind. Key near-term support at the 20-day EMA, which intersects at 4376.94, remains intact. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high.

• Japan's NIKKEI closed lower by 45.1 pts or -0.14% at 33189.04 and the TOPIX ended 7.65 pts lower or -0.33% at 2288.6.
• Elsewhere, in China the SHANGHAI closed higher by 19.681 pts or +0.62% at 3202.062 and the HANG SENG ended 17.93 pts lower or -0.09% at 18916.43.
• Across Europe, Germany's DAX trades higher by 124.87 pts or +0.78% at 16070.79, FTSE 100 higher by 38.75 pts or +0.52% at 7509.45, CAC 40 up 54.27 pts or +0.74% at 7366.86 and Euro Stoxx 50 up 20.02 pts or +0.46% at 4374.64.
• Dow Jones mini up 35 pts or +0.1% at 34386, S&P 500 mini up 10.5 pts or +0.24% at 4446, NASDAQ mini up 65.75 pts or +0.44% at 15165.5.