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OUTLOOK: Price Signal Summary - EUROSTOXX 50 Bear Threat Remains Present 

OUTLOOK
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  • In the equity space, S&P E-Minis started the week on a bullish note with the contract extending the recovery from 5855.00, the Nov 19 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5855.60, the 50-day EMA.
  • A bear threat in the EUROSTOXX 50 futures remains present and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. Initial resistance is at 4876.16, the 50-day EMA.
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  • In the equity space, S&P E-Minis started the week on a bullish note with the contract extending the recovery from 5855.00, the Nov 19 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5855.60, the 50-day EMA.
  • A bear threat in the EUROSTOXX 50 futures remains present and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. Initial resistance is at 4876.16, the 50-day EMA.