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OUTLOOK: Price Signal Summary - Bear Cycle In The S&P E-Minis Contract Extends

OUTLOOK
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  • A sharp sell-off in the S&P E-Minis contract on Wednesday highlights a possible short-term top. The contract is also trading lower, today. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation of the bear leg would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6008.80, the 50-day EMA.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact, however, the latest pullback highlights a corrective cycle and the contract is again trading lower, today. Price has traded through the 50-day EMA, at 4897.73. Today’s sell-off has resulted in a print below 4819.33, 61.8% of the Nov 19 - Dec 9 bull cycle. Key short-term resistance has been defined at 5014.00, the Dec 9 high. Initial resistance is at 4912.93, the 20-day EMA.
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  • A sharp sell-off in the S&P E-Minis contract on Wednesday highlights a possible short-term top. The contract is also trading lower, today. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation of the bear leg would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6008.80, the 50-day EMA.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact, however, the latest pullback highlights a corrective cycle and the contract is again trading lower, today. Price has traded through the 50-day EMA, at 4897.73. Today’s sell-off has resulted in a print below 4819.33, 61.8% of the Nov 19 - Dec 9 bull cycle. Key short-term resistance has been defined at 5014.00, the Dec 9 high. Initial resistance is at 4912.93, the 20-day EMA.