May 17, 2024 09:30 GMT
S&P Extends Bull Cycle
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S&P E-Minis have traded higher this week as the contract extends the bull cycle from Apr 19. Bullish trend conditions remain intact. Recent gains have resulted in a break of key resistance at 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and signals scope for a climb to 5372.73. Eurostoxx 50 futures maintain a bullish tone despite yesterday’s pullback. This week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows.
- Japan's NIKKEI closed lower by 132.88 pts or -0.34% at 38787.38 and the TOPIX ended 8.08 pts higher or +0.3% at 2745.62.
- Elsewhere, in China the SHANGHAI closed higher by 31.625 pts or +1.01% at 3154.026 and the HANG SENG ended 177.08 pts higher or +0.91% at 19553.61.
- Across Europe, Germany's DAX trades lower by 56.99 pts or -0.3% at 18681.94, FTSE 100 lower by 23.92 pts or -0.28% at 8414.73, CAC 40 down 33.82 pts or -0.41% at 8156.64 and Euro Stoxx 50 down 17.35 pts or -0.34% at 5055.75.
- Dow Jones mini down 24 pts or -0.06% at 39988, S&P 500 mini down 1.5 pts or -0.03% at 5318.75, NASDAQ mini down 0 pts or 0% at 18648.
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