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Eurostoxx 50 Futures Reach Fresh Cycle High

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A bullish trend condition in Eurostoxx 50 futures remains intact and the contract traded to a fresh cycle high Tuesday. The climb once again confirms a resumption of the uptrend as the contract pulls away from the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4926.10, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5407.23, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5218.00, the 20-day EMA. A move lower is considered corrective.


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A bullish trend condition in Eurostoxx 50 futures remains intact and the contract traded to a fresh cycle high Tuesday. The climb once again confirms a resumption of the uptrend as the contract pulls away from the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4926.10, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5407.23, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5218.00, the 20-day EMA. A move lower is considered corrective.


Keep reading...Show less