May 22, 2024 09:04 GMT
Uptrend in US Equities Remains Intact
EQUITIES
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The uptrend in S&P E-Minis remains intact and the contract is holding on to its latest gains. Recent gains have resulted in a break of a 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. A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. Last week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, a Fibonacci projection.
- Japan's NIKKEI closed lower by 329.83 pts or -0.85% at 38617.1 and the TOPIX ended 22.36 pts lower or -0.81% at 2737.36.
- Elsewhere, in China the SHANGHAI closed higher by 0.574 pts or +0.02% at 3158.54 and the HANG SENG ended 25.02 pts lower or -0.13% at 19195.6.
- Across Europe, Germany's DAX trades lower by 61.4 pts or -0.33% at 18666.07, FTSE 100 lower by 27.03 pts or -0.32% at 8391.4, CAC 40 down 51.63 pts or -0.63% at 8089.66 and Euro Stoxx 50 down 17.47 pts or -0.35% at 5029.1.
- Dow Jones mini down 32 pts or -0.08% at 39968, S&P 500 mini down 4.5 pts or -0.08% at 5339.75, NASDAQ mini down 4 pts or -0.02% at 18790.25.
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