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OUTLOOK: Price Signal Summary - S&P E-Minis Corrective Bear Cycle Still In Play

OUTLOOK
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  • In the equity space, S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, 38.2% of the Aug 5 - Oct 17 bull cycle. Initial firm resistance is 5824.59, the 20-day EMA.
  • EUROSTOXX 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA.
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  • In the equity space, S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, 38.2% of the Aug 5 - Oct 17 bull cycle. Initial firm resistance is 5824.59, the 20-day EMA.
  • EUROSTOXX 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA.