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OUTLOOK: Price Signal Summary - S&P E-Minis Support Remains Intact 

OUTLOOK
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  • In the equity space, a bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to have been a correction. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a 1.00 projection of the Apr 19 - Jul 16 - Aug 5 price swing. On the downside, initial support  to watch is 5735.68, the 20-day EMA. Key support lies at 5666.17 the 50-day EMA.
  • EUROSTOXX 50 futures recently breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. It also suggests that the pullback last week is likely a correction. Key short-term support to watch is 4925.27, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. Key resistance and the bull trigger is 5106.00, the Sep 30 high.
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  • In the equity space, a bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to have been a correction. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a 1.00 projection of the Apr 19 - Jul 16 - Aug 5 price swing. On the downside, initial support  to watch is 5735.68, the 20-day EMA. Key support lies at 5666.17 the 50-day EMA.
  • EUROSTOXX 50 futures recently breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. It also suggests that the pullback last week is likely a correction. Key short-term support to watch is 4925.27, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. Key resistance and the bull trigger is 5106.00, the Sep 30 high.