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Price Signal Summary - Bear Cycle In The E-mini S&P Contract Remains In Play

  • In the equity space, bearish conditions in the E-mini S&P contract remain intact and this week’s move lower has reinforced current conditions. The contract has cleared the 50-day EMA and breached channel support drawn from the Mar 13 low - the base is at 4467.06 today. The clear breakout signals scope for a continuation lower and opens the 4400.00 next. Initial firm resistance to watch is at the 20-day EMA - at 4506.36.
  • A bearish threat in EUROSTOXX 50 futures remains present and this week’s sell-off reinforces current conditions. The contract has breached support at 4276.00, the Aug 8 and 15 low. The break strengthens a bearish threat and exposes 4220.00, the Jul 7 low. Key short-term resistance is unchanged at 4420.00, the Aug 10 high. Initial resistance is 4357.9, the 50-day EMA.

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