Stocks on Solid Footing Pre-Payrolls

S&P E-minis trend conditions remain bullish and the contract is trading closer to its recent highs. The bounce from 4114.00, the May 24 low, means that support around the 50-day EMA has remained intact. Eurostoxx 50 futures traded lower Wednesday and cleared the 50-day EMA and support at 4252.00, the May 25 low. Price has also pierced support at 4233.00, the May 4 low and a key short-term level. A clear break of 4233.00 would signal a potential reversal and highlight a stronger bearish theme.

• Japan's NIKKEI closed higher by 376.21 pts or +1.21% at 31524.22 and the TOPIX ended 33.41 pts higher or +1.55% at 2182.7. Across China the SHANGHAI closed higher by 25.434 pts or +0.79% at 3230.069 and the HANG SENG ended 733.03 pts higher or +4.02% at 18949.94.
• Germany's DAX trades higher by 135.47 pts or +0.85% at 15988.5, FTSE 100 higher by 50.39 pts or +0.67% at 7540.54, CAC 40 up 68.94 pts or +0.97% at 7206.34 and EuroStoxx50 up 36.8 pts or +0.86% at 4294.35.
• Dow Jones mini up 131 pts or +0.4% at 33234, S&P 500 mini up 14.25 pts or +0.34% at 4242.25, NASDAQ mini up 45.75 pts or +0.32% at 14518.25.