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OUTLOOK: Price Signal Summary - Bear Threat In S&P E-Minis Remains Present

OUTLOOK
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  • In the equity space, a bear threat in S&P E-Minis remains present and fresh cycle lows this week reinforce current conditions. MA studies are in a bear-mode set-up and this highlights a dominant downtrend and bearish market sentiment. Sights are set on the next important support at 5499.25, the Sep 9 2024 low. Note that the short-term trend condition is oversold, a corrective bounce would allow this set-up to unwind. Firm resistance to watch is 5949.30, the 50-day EMA. First resistance is 5757.75, the Mar 10 high.
  • The medium-term trend direction in the EUROSTOXX 50 futures contract remains up and the latest pullback appears corrective. However, support at the 50-day EMA, at 5311.01, has been pierced. A clear break of this average would highlight a strong short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, the 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg. For bulls, a  resumption of gains would refocus attention on the 5600.00 handle. Initial resistance is 5419.70, the 20-day EMA.
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  • In the equity space, a bear threat in S&P E-Minis remains present and fresh cycle lows this week reinforce current conditions. MA studies are in a bear-mode set-up and this highlights a dominant downtrend and bearish market sentiment. Sights are set on the next important support at 5499.25, the Sep 9 2024 low. Note that the short-term trend condition is oversold, a corrective bounce would allow this set-up to unwind. Firm resistance to watch is 5949.30, the 50-day EMA. First resistance is 5757.75, the Mar 10 high.
  • The medium-term trend direction in the EUROSTOXX 50 futures contract remains up and the latest pullback appears corrective. However, support at the 50-day EMA, at 5311.01, has been pierced. A clear break of this average would highlight a strong short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, the 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg. For bulls, a  resumption of gains would refocus attention on the 5600.00 handle. Initial resistance is 5419.70, the 20-day EMA.