September 20, 2024 09:49 GMT
OUTLOOK: Price Signal Summary - S&P E-Minis Bull Cycle Extends
OUTLOOK
- In the equity space, a bull cycle in S&P E-Minis remains in play and Thursday’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger, confirming a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. Initial support lies at 5638.14, the 20-day EMA.
- EUROSTOXX 50 futures have traded higher this week as the contract extends the recovery since Sep 10. It is still possible that recent gains are corrective. MA studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key short-term support at 4729.00, Sep 10 low. Key resistance to watch is 4998.00, Sep 3 high. A break would be bullish.
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