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Corrective Pullback In S&P E-Minis Extends

OUTLOOK
  • In the equity space, {US} S&P E-Minis have started the week on a bearish note and the contract is trading lower again today. The move down appears to be a correction and the uptrend remains intact. The recent breach of resistance resulted in a print above the 4100.00 handle and an extension higher would open 4180.00, the Dec 13 high and a bull trigger. Initial firm support has been defined at 3957.89, the 50-day EMA. A clear break of this average would be seen as a bearish development and signal a reversal. {EU} EUROSTOXX 50 futures are consolidating above support at 4097.00, the Jan 19 low. The contract is also trading just ahead of key short-term resistance at 4206.00, Jan 18 high. A break of this level would resume the uptrend and pave the way for a climb towards 4215.00, a Fibonacci projection. Note that the trend remains overbought. A deeper pullback, if seen, would represent a healthy correction. Support to watch is 4101.40, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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