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

OUTLOOK
  • In the equity space, S&P E-Minis traded higher again Tuesday, and the contract maintains a firmer tone. Last week’s gains highlight a bullish reversal and the end of the Sep 3 - 6 corrective cycle. Resistance at 5730.50, the Sep 3 high, remains exposed. This level has been pierced, a clear break of it would open 5785.00, the Jul 16 high and a bull trigger. First support is 5592.07, the 50-day EMA.
  • Despite the latest recovery in EUROSTOXX 50 futures, a bear threat remains present. The sell-off between Sep 3 - 10, highlights a potential reversal and note that MA studies are in  a bear-mode set-up. A resumption of the bear leg would open 4686.53, 61.8% of the Aug 5 - Sep 3 bull cycle. First resistance is at 4863.45, the 50-day EMA. This EMA has been pierced, a clear break of it would strengthen a bullish condition and expose 4934.52, 76.4% of the Sep 3 - 10 bear leg.
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