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OUTLOOK: Price Signal Summary - Key Resistance In The S&P 500 Remains Exposed

OUTLOOK
  • In the equity space, S&P E-Minis traded higher Tuesday, reinforcing the current bull cycle, confirming once again an extension of the reversal that started Aug 5. Price has cleared resistance at 2600.75, the Aug 1 high and this signals scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Support to watch lies at 5476.18, the 50-day EMA.
  • EUROSTOXX 50 futures have traded higher this week and the pair is holding on to its latest gains. The contract has traded through the 50-day EMA, at 4867.59. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. This would open 4951.00 next, the Jul 31 high. Initial support is at 4804.20, the 20-day EMA.
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