May 23, 2024 08:22 GMT
Recent Eurostoxx50 Pullback Appears Corrective
EQUITIES
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The uptrend in S&P E-Minis remains intact and the contract has traded to a fresh cycle high today. Recent gains have resulted in a break of a key resistance at 5333.50, the Apr 1 high. This confirmed a resumption of the primary uptrend and has signalled scope for a climb to 5372.73. A bullish theme in Eurostoxx 50 futures remains intact and the recent pullback appears to be a correction. The contract has recently cleared key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend.
- Japan's NIKKEI closed higher by 486.12 pts or +1.26% at 39103.22 and the TOPIX ended 17.39 pts higher or +0.64% at 2754.75.
- Elsewhere, in China the SHANGHAI closed lower by 42.153 pts or -1.33% at 3116.387 and the HANG SENG ended 326.84 pts lower or -1.7% at 18868.76.
- Across Europe, Germany's DAX trades higher by 41.05 pts or +0.22% at 18715.76, FTSE 100 lower by 15.55 pts or -0.19% at 8357.69, CAC 40 up 21.5 pts or +0.27% at 8114.07 and Euro Stoxx 50 up 24.4 pts or +0.49% at 5049.63.
- Dow Jones mini down 5 pts or -0.01% at 39786, S&P 500 mini up 25.75 pts or +0.48% at 5354, NASDAQ mini up 156.25 pts or +0.83% at 18943.25.
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