Uptrend in Eurostoxx 50 Futures Intact

The Eurostoxx 50 futures uptrend remains intact and this week’s move lower is considered corrective. Resistance at 4380.00, May 29 high, was cleared last week and key resistance at 4434.00, May 19 high, has been pierced. A clear break of this hurdle would represent an important bullish development and open 4448.00, Jan 2008 high (cont). MA studies are in bull-mode condition highlighting an uptrend. Initial firm support is 4303.00, Jun 7 low. A bull theme in S&P E-minis remains intact and this week’s pullback appears to be a correction. Last week’s gains confirmed a resumption of the uptrend, marking an extension of the bull cycle that started in October 2022. The focus is on 4497.21, the top of a bull channel drawn from the Oct 2022 low (cont). Initial support is at 4381.75, the Jun 13 low. A firmer support lies at 4342.60, the 20-day EMA.

• Japan's NIKKEI closed higher by 186.23 pts or +0.56% at 33575.14 and the TOPIX ended 11.16 pts higher or +0.49% at 2295.01.
• Elsewhere, in China the SHANGHAI closed lower by 42.464 pts or -1.31% at 3197.901 and the HANG SENG ended 388.73 pts lower or -1.98% at 19218.35.
• Across Europe, Germany's DAX trades higher by 18.92 pts or +0.12% at 16129.52, FTSE 100 lower by 8.64 pts or -0.11% at 7560.54, CAC 40 down 8.77 pts or -0.12% at 7284.93 and Euro Stoxx 50 up 1.08 pts or +0.02% at 4343.86.
• Dow Jones mini down 16 pts or -0.05% at 34340, S&P 500 mini down 1.75 pts or -0.04% at 4433, NASDAQ mini down 9.25 pts or -0.06% at 15246.75.