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EQUITY TECHS: S&P E-Minis Breach Key Resistance

EQUITY TECHS
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In the equity space, S&P E-Minis have recovered from their recent lows. A key short-term support has been defined at 5724.25, the Nov 4 low. Price is trading above both the 20- and 50-day EMAs and the continuation higher has resulted in a breach of the bull trigger at 5927.25, the Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens 5961.00, a Fibonacci projection. A breach of 5724.25 is required to reinstate a bearish threat.
  • EUROSTOXX 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA.
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  • In the equity space, S&P E-Minis have recovered from their recent lows. A key short-term support has been defined at 5724.25, the Nov 4 low. Price is trading above both the 20- and 50-day EMAs and the continuation higher has resulted in a breach of the bull trigger at 5927.25, the Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens 5961.00, a Fibonacci projection. A breach of 5724.25 is required to reinstate a bearish threat.
  • EUROSTOXX 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA.