October 17, 2024 09:57 GMT
OUTLOOK: Price Signal Summary - S&P E-Minis Tred Needle Continues To Point North
OUTLOOK
- In the equity space, S&P E-Minis trend conditions are unchanged and the outlook remains bullish. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5961.00, the 1.00 projection of the Sep 6 - 17 - 18. Initial support to watch is 5789.86, the 20-day EMA.
- EUROSTOXX 50 futures traded sharply lower Tuesday, reversing recent gains. The contract has pierced support around the 50-day EMA, at 4944.00. A clear break of this average would undermine a recent bullish theme and highlight a stronger reversal. This would open 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle. Key resistance and bull trigger is unchanged at 5106.00, the Sep 30 high. A break of this level would resume the uptrend.
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