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OUTLOOK: Price Signal Summary - S&P E-Minis Bull Cycle Extends  

OUTLOOK
  • In the equity space, S&P E-Minis traded higher Monday, reinforcing the current bull cycle and confirming 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. A break would confirm a resumption of the primary uptrend.Support to watch lies at 5470.32, the 50-day EMA. 
  • EUROSTOXX 50 futures have traded higher, starting the week on a bullish note and extending the recovery that started Aug 5. The contract has traded through the 50-day EMA, at 4867.41. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. This would open 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support is at 4797.06, the 20-day EMA.
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