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EQUITY TECHS: Price Signal Summary - Pullback In S&P E-Minis Appears Corrective

EQUITY TECHS
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  • In the equity space, a bull cycle in S&P E-Minis remains intact and the latest shallow pullback is considered corrective. Last week’s fresh cycle highs reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Scope is seen for a climb towards 5868.50, a 1.00 projection of the Apr 19 - Jul 16 - Aug 5 price swing, and 5900.00 further out. On the downside, initial support  to watch is 5723.22, the 20-day EMA.
  • EUROSTOXX 50 futures traded sharply higher last week resulting in a clear break of 5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest pullback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a 0.764 projection of the Aug 5 - Sep 3 -  6 price swing, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA.
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  • In the equity space, a bull cycle in S&P E-Minis remains intact and the latest shallow pullback is considered corrective. Last week’s fresh cycle highs reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Scope is seen for a climb towards 5868.50, a 1.00 projection of the Apr 19 - Jul 16 - Aug 5 price swing, and 5900.00 further out. On the downside, initial support  to watch is 5723.22, the 20-day EMA.
  • EUROSTOXX 50 futures traded sharply higher last week resulting in a clear break of 5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest pullback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a 0.764 projection of the Aug 5 - Sep 3 -  6 price swing, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA.