EQUITIES: E-mini S&P Recovering Well, But Still Short of Resistance
The trend condition in Eurostoxx 50 futures faltered Friday, with short-term weakness resulting in a break of the bear trigger. Having shown below 5194.00, the Jun 23 low, the April 30 hi/lo range at 5078-5138 becomes the area of downside interest. E-mini S&P sold off sharply Friday on the back of the soft NFP print - pushing prices through mid-July lows in the process. Since that spell of weakness, price has recovered back above support at the 20-day EMA, at 6325.25.
- Japan's NIKKEI closed higher by 264.29 pts or +0.65% at 41059.15 and the TOPIX ended 21.35 pts higher or +0.72% at 2987.92.
Elsewhere, in China the SHANGHAI closed higher by 5.672 pts or +0.16% at 3639.667 and the HANG SENG ended 171 pts higher or +0.69% at 25081.63. - Across Europe, Germany's DAX trades higher by 241.09 pts or +1.01% at 24164.82, FTSE 100 lower by 24.86 pts or -0.27% at 9136.95, CAC 40 up 61.21 pts or +0.8% at 7696.92 and Euro Stoxx 50 up 49.87 pts or +0.95% at 5313.57.
- Dow Jones mini up 118 pts or +0.27% at 44433, S&P 500 mini up 35.25 pts or +0.55% at 6407, NASDAQ mini up 139.5 pts or +0.6% at 23566.
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COMMODITIES: WTI Futures Maintain Softer Tone, But Above 50-Day EMA Support
WTI futures maintain a softer tone following the reversal from the Jun 23 high, and recent gains appear corrective. Support to watch is the 50-day EMA, at $64.96. It has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. Initial resistance to watch is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high. A recent move lower in Gold resulted in a breach of the 50-day EMA, and a trendline drawn from the Dec 30 ‘24 low and connected to the Feb 28 low. A clear break of both trend tools would signal scope for a deeper correction, and open $3245.5, May 29 low. Note that the latest recovery highlights a possible false trendline break. A resumption of gains would refocus attention on $3451.3, the Jun 16 high. The bear trigger lies at $3248.7, the Jun 30 low.
- WTI Crude down $0.49 or -0.72% at $67.46
- Natural Gas down $0.03 or -0.88% at $3.382
- Gold spot down $12.07 or -0.36% at $3324.58
- Copper up $1.2 or +0.24% at $503.85
- Silver down $0.01 or -0.03% at $36.761
- Platinum down $2.84 or -0.21% at $1372.65
EQUITIES: Eurostoxx 50 Futures Remain Close to Cycle Highs
Recent gains in Eurostoxx 50 futures from the Jun 23 low, still appears to be a potential reversal and the contract is holding on to its most recent gains. Price has pierced both the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme. This would open 5486.00, May 20 high and bull trigger. On the downside, a break of 5194.00, Jun 23 low, reinstates a bearish theme. The trend condition in S&P E-Minis is unchanged, the outlook remains bullish. Resistance at 6128.75, the Jun 11 high, has recently been breached. The break confirmed a resumption of the uptrend that started Apr 7. This has been followed by a breach of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection. Key support is at the 50-day EMA, at 6011.49.
- Japan's NIKKEI closed higher by 101.13 pts or +0.26% at 39688.81 and the TOPIX ended 4.82 pts higher or +0.17% at 2816.54.
- Elsewhere, in China the SHANGHAI closed higher by 24.348 pts or +0.7% at 3497.475 and the HANG SENG ended 260.24 pts higher or +1.09% at 24148.07.
- Across Europe, Germany's DAX trades higher by 18.14 pts or +0.08% at 24091.32, FTSE 100 higher by 7.3 pts or +0.08% at 8814.06, CAC 40 down 16.78 pts or -0.22% at 7706.69 and Euro Stoxx 50 down 4.98 pts or -0.09% at 5336.56.
- Dow Jones mini down 51 pts or -0.11% at 44626, S&P 500 mini up 5.75 pts or +0.09% at 6281.75, NASDAQ mini up 57.75 pts or +0.25% at 22942.5.
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