EQUITIES: Eurostoxx 50 Futures Narrow Gap to Key Resistance and Bull Trigger

The trend condition in Eurostoxx 50 futures remains bullish and recent weakness appears to have been a correction. Support at 5281.00, the Jul 1 / 4 low, remains intact. A clear break of this level would strengthen a bearish threat. Sights are on key resistance and bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle and open 5500.00. S&P E-Minis have once again traded to a fresh cycle high this week. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. With the 6400.00 handle cleared, sights are on 6439.88, a Fibonacci projection. Key support is at the 50-day EMA, at 6131.47. Support at the 20-day EMA is at 6277.23.

• Japan's NIKKEI closed higher by 655.02 pts or +1.59% at 41826.34 and the TOPIX ended 51.17 pts higher or +1.75% at 2977.55.
• Elsewhere, in China the SHANGHAI closed higher by 23.429 pts or +0.65% at 3605.727 and the HANG SENG ended 129.11 pts higher or +0.51% at 25667.18.
• Across Europe, Germany's DAX trades higher by 232.17 pts or +0.96% at 24473.93, FTSE 100 higher by 76.9 pts or +0.85% at 9138.41, CAC 40 up 21.66 pts or +0.28% at 7870.86 and Euro Stoxx 50 up 36.05 pts or +0.67% at 5380.3.
• Dow Jones mini down 139 pts or -0.31% at 45075, S&P 500 mini up 4.25 pts or +0.07% at 6400.5, NASDAQ mini up 76 pts or +0.33% at 23386.75.