EQUITIES: Eurostoxx 50 Moving Average Studies Remain in Bull-Mode Position
The trend cycle in Eurostoxx 50 futures remains bullish and a recent pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen a bull theme. Key support to watch lies at 5262.93, the 50-day EMA. A clear break of this average is required to signal a possible reversal. The trend condition in S&P E-Minis is unchanged and remains bullish and the contract is trading just ahead of its recent high. A print above 5993.50 last week, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. An extension would open 6057.00 next, the Mar 3 high. Key support lies at 5765.62, the 50-day EMA.
- Japan's NIKKEI closed higher by 300.64 pts or +0.8% at 37747.45 and the TOPIX ended 14.02 pts higher or +0.51% at 2785.13.
- Elsewhere, in China the SHANGHAI closed higher by 14.227 pts or +0.42% at 3376.203 and the HANG SENG ended 141.54 pts higher or +0.6% at 23654.03.
- Across Europe, Germany's DAX trades higher by 207.88 pts or +0.86% at 24299.5, FTSE 100 higher by 6.83 pts or +0.08% at 8793.83, CAC 40 up 52.2 pts or +0.67% at 7816.04 and Euro Stoxx 50 up 35.5 pts or +0.66% at 5411.2.
- Dow Jones mini up 71 pts or +0.17% at 42669, S&P 500 mini up 11.25 pts or +0.19% at 5992.25, NASDAQ mini up 27 pts or +0.12% at 21732.
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COMMODITIES: M/T Bearish WTI Trend Continues
A medium-term bearish trend in WTI futures remains intact and last week’s sell-off reinforces this theme. The move down signals the end of the correction between Apr 9 - 23. Gold is trading closer to its recent lows and a corrective cycle remains in play for now. The yellow metal has breached the 20-day EMA. A continuation lower would highlight a deeper retracement and open the 50-day EMA, at 3115.11.
- WTI Crude down $1.11 or -1.9% at $56.9
- Natural Gas up $0.07 or +1.82% at $3.694
- Gold spot up $39.01 or +1.2% at $3273.76
- Copper up $7.1 or +1.52% at $474.65
- Silver up $0.37 or +1.16% at $32.373
- Platinum up $2.32 or +0.24% at $968.34
EQUITIES: Friday Rally Strengthens S/T Bull Cycle for Stocks
The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. Eurostoxx 50 futures maintain a positive tone and Friday’s rally strengthens the current bull cycle. The contract has cleared both the 20- and 50-day EMAs, and attention is on 5263.01, a Fibonacci retracement point.
- Dow Jones mini down 262 pts or -0.63% at 41200
- S&P 500 mini down 45.5 pts or -0.8% at 5665.25
- NASDAQ mini down 181.25 pts or -0.9% at 20024.25.
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