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Eurostoxx 50 futures trend conditions remain bearish and short-term gains appear to be corrective. The contract has traded below 4128.00, the Sep 27 low. This confirms a resumption of the downtrend that started late July and signals scope for a move towards 4055.40, a Fibonacci retracement point. Initial firm resistance is at 4216.30, the 20-day EMA. A break of this average would signal a possible short-term base. A bear cycle in S&P E-minis remains in play. The contract traded lower yesterday, confirming a resumption of the bear leg once again and maintaining the price sequence of lower lows and lower highs. This signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4447.76, the 50-day EMA. Ahead of the 50-day average is resistance at 4391.25, the 20-day EMA.


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Eurostoxx 50 futures trend conditions remain bearish and short-term gains appear to be corrective. The contract has traded below 4128.00, the Sep 27 low. This confirms a resumption of the downtrend that started late July and signals scope for a move towards 4055.40, a Fibonacci retracement point. Initial firm resistance is at 4216.30, the 20-day EMA. A break of this average would signal a possible short-term base. A bear cycle in S&P E-minis remains in play. The contract traded lower yesterday, confirming a resumption of the bear leg once again and maintaining the price sequence of lower lows and lower highs. This signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4447.76, the 50-day EMA. Ahead of the 50-day average is resistance at 4391.25, the 20-day EMA.


Keep reading...Show less