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

OUTLOOK
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  • In the equity space, a bull cycle in S&P E-Minis remains in play and price is trading just below its recent high. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear breach of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. Initial support lies at 5680.47, the 20-day EMA.
  • EUROSTOXX 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions.
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  • In the equity space, a bull cycle in S&P E-Minis remains in play and price is trading just below its recent high. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear breach of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. Initial support lies at 5680.47, the 20-day EMA.
  • EUROSTOXX 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions.