October 21, 2024 09:49 GMT
OUTLOOK: S&P E-Minis Uptrend Remains Intact
OUTLOOK
- In the equity space, S&P E-Minis trend conditions are unchanged and bulls remain in the driver’s seat. Fresh cycle highs 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 price swing. Initial support to watch is 5816.87, the 20-day EMA.
- EUROSTOXX 50 futures traded sharply lower on Oct 15. The contract has recently pierced support around the 50-day EMA, at 4947.10. 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 the bull trigger is unchanged at 5106.00, the Sep 30 high. A break of it resumes the uptrend.
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