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Fresh Cycle High in E-Mini S&P Monday Reinforces Bullish Conditions

EQUITIES

A bullish trend condition in Eurostoxx 50 futures remains intact and the contract traded to fresh cycle highs last week. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. 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 4947.20, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Monday’s high print reinforces current conditions, confirming a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5400.00 and 5434.54, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5240.19, 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 fresh cycle highs last week. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. 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 4947.20, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Monday’s high print reinforces current conditions, confirming a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5400.00 and 5434.54, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5240.19, the 20-day EMA. A move lower is considered corrective.


Keep reading...Show less