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OUTLOOK: Price Signal Summary - S&P E-Minis Bull Cycle Remains In Play

OUTLOOK
  • In the equity space, S&P E-Minis are trading at their recent highs and a bullish theme remains intact. Price has cleared resistance at 5600.75, 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 resume the primary uptrend. Support to watch lies at 5482.67, the 50-day EMA. A clear break of it is required to instead highlight a potential bearish threat. 
  • EUROSTOXX 50 futures have traded higher this week and the pair maintains a firmer tone. The contract has pierced the 50-day EMA, at 4868.98. 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 4813.61, the 20-day EMA.
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