MNI China Daily Summary: Friday, January 10

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OUTLOOK: Price Signal Summary - S&P E-Minis Bull Trigger Remains Exposed

OUTLOOK
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  • In the equity space, S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a 1.382 projection of the Sep 6 - 17 - 18 price swing. Moving average studies remain in a bull-mode set-up and this highlights a dominant uptrend and positive market sentiment. Initial support to watch lies at 5944.60, the 20-day EMA.
  • A downtrend in EUROSTOXX 50 futures remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has traded through 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial resistance is at 4872.15, the 50-day EMA.
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  • In the equity space, S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a 1.382 projection of the Sep 6 - 17 - 18 price swing. Moving average studies remain in a bull-mode set-up and this highlights a dominant uptrend and positive market sentiment. Initial support to watch lies at 5944.60, the 20-day EMA.
  • A downtrend in EUROSTOXX 50 futures remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has traded through 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial resistance is at 4872.15, the 50-day EMA.