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OUTLOOK: Price Signal Summary - EUROSTOXX 50 Corrective Cycle

OUTLOOK
  • In the equity space, a bullish theme in S&P E-Minis remains intact, however, yesterday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5519.81. A clear break of the 50-day EMA would signal scope for a deeper retracement towards 5459.75, 38.2% of the Aug 5 - Sep 3 bull leg. Key near-term resistance has been defined at 5669.75, the Sep 3 high. A breach of it would be bullish.
  • EUROSTOXX 50 futures have reversed course and this has resulted in a break of both the 20- and 50-day EMAs. The move lower highlights the start of a corrective cycle, paving the way for a pullback towards 4805.47 initially, 38.2% retracement of Aug 5 - Sep 3 bull cycle. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. A break of this level would reinstate the recent bullish theme.
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