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OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points North   

OUTLOOK
  • In the equity space, a bullish theme in S&P E-Minis remains intact and the contract traded to a fresh cycle high Monday. Price has cleared resistance at 5600.75, the Aug 1 high and this signals scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. A break would resume the primary uptrend. On the downside, support to watch lies at 5499.15, the 50-day EMA. 
  • EUROSTOXX 50 futures traded higher last week and price is holding on to its latest gains. The contract has pierced the 50-day EMA, at 4873.86. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support is at 4839.22, the 20-day EMA.
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