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Price Signal Summary - Support In The S&P E-Minis Contract Remains Exposed

  • In the equity space, the S&P E-Minis trend condition is bearish and Tuesday's move lower signals the end of the recent corrective bounce. An extension of weakness would pave the way for a move towards 3925.00, Mar 2 low. This level is a bear trigger and a break would confirm a resumption of the bear leg that started Feb 2. For bulls, clearance of 4082.50, the Mar 6 high, is required to reinstate a bullish theme.
  • EUROSTOXX 50 futures continue to trade above key support - the base of a bull channel drawn from the Oct 13 low. The line intersects at 4239.90. While this support holds, the broader uptrend remains intact. Monday’s gains resulted in a test of 4323.00, the Feb 16 high and bull trigger. A clear break would resume the uptrend. A breach of the channel base alters the picture.

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