BRIEF: Spain Proposes Small Group Pioneer CMU

BRIEF: EU's Gentiloni-Limit To Budget Deadline Flexibility

MNI BRIEF: Talks On France Budget Promising - EU Gentiloni

RPT-MNI INTERVIEW: Banxico To Continue Easing Through 25-Tapia

MNI BRIEF: Fed's Goolsbee Sees Rates 'A Fair Bit Lower'

MNI NBP WATCH: Rates Held As Energy, Wages Push Up Prices

EZ/UK Bond Supply Calendar: EU Synd, NE, AS, UK, DE Due Tuesday

MNI: EUROZONE AUG RETAIL SALES +0.2% M/M, +0.8% Y/Y

MNI: GERMANY AUG FACTORY ORDERS -5.8% M/M

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • 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.
161 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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.