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Needle Still Points North


Bearish Correction Still In Play

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  • Equity markets across Europe are modestly lower in cash terms, with Spain's IBEX-35 underperforming to trade lower by 0.6%. The UK's FTSE-100 is the sole index in the green, with firmer oil & gas stocks (notably BP and Royal Dutch Shell) tilting prices higher.
  • In US futures space, the outlook is more positive, with the e-mini S&P higher by around 10 points ahead of the NY crossover.
  • S&P E-minis traded lower again yesterday, extending the corrective pullback from 4539.50. The contract has recently breached its 20-day EMA and this signals potential for a pullback towards and test of the key 50-day EMA at 4407.80. The 50-day EMA still represents a key trend support parameter for bulls.