Stock Futures Off Highs into Friday Close

The E-mini S&P contract traded to a high of 4634.50 yesterday before reversing. This highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4638.27 today. Eurostoxx 50 futures rallied Thursday. This resulted in a break of key resistance at 4447.00, the Jul 3 high and a bull trigger. A continuation higher would confirm a resumption of the uptrend and mark the end of a broad sideways move that started May 19.

• Japan's NIKKEI closed lower by 131.93 pts or -0.4% at 32759.23 and the TOPIX ended 4.53 pts lower or -0.2% at 2290.61.
• Elsewhere, in China the SHANGHAI closed higher by 59.255 pts or +1.84% at 3275.926 and the HANG SENG ended 277.45 pts higher or +1.41% at 19916.56.
• Across Europe, Germany's DAX trades lower by 38.68 pts or -0.24% at 16367.27, FTSE 100 higher by 21.54 pts or +0.28% at 7714.4, CAC 40 down 29.41 pts or -0.39% at 7435.83 and Euro Stoxx 50 down 12.33 pts or -0.28% at 4435.11.
• Dow Jones mini up 48 pts or +0.14% at 35481, S&P 500 mini up 13.75 pts or +0.3% at 4580.75, NASDAQ mini up 93.5 pts or +0.6% at 15664.25.