US, European Equity Futures Remain Close to Recent Cycle Highs

Eurostoxx 50 futures traded higher last week. The rally resulted in a move above the 50-day EMA at 4335.00 and price is through 4371.00, the Jul 6 high. Clearance of this latter level highlights a potentially stronger bull cycle and attention is on key resistance and the bull trigger at 4447.00, the Jul 3 high. Key support and the bear trigger has been defined at 4220.00, the Jul 7 low. Initial support is at the 50-day EMA. A bull theme in S&P E-minis remains intact. This week’s rally has resulted in a break of resistance at 4498.00, the Jun 30 high. The break confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4556.71, a Fibonacci projection. First support lies at 4439.81, the 20-day EMA. Clearance of this level would highlight a S/T bearish threat.

• Across Europe, Germany's DAX trades lower by 30.52 pts or -0.19% at 16075.47, FTSE 100 lower by 18.9 pts or -0.25% at 7416.08, CAC 40 down 60.24 pts or -0.82% at 7315.08 and Euro Stoxx 50 down 28.51 pts or -0.65% at 4371.86.
• Dow Jones mini down 40 pts or -0.12% at 34640, S&P 500 mini down 1 pts or -0.02% at 4536.25, NASDAQ mini up 20.5 pts or +0.13% at 15714.75.