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

EQUITY TECHS
  • The E-mini S&P contract traded higher Monday. For now, gains are considered corrective and a bear cycle remains in play. Key resistance has been defined at 4597.50, the Sep 1 high. A break is required to reinstate the recent bullish theme. A resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. Clearance of this support would highlight a short-term reversal.
  • Despite the latest recovery, a bear cycle in EUROSTOXX 50 futures remains in play. Price has recently pierced key support at 4187.00, the Aug 18 low and a bear trigger. A clear break of this level would strengthen bearish conditions and open 4177.40 next, 61.8% of the Mar 20 - Jul 31 bull leg. Key resistance has been defined at 4358.00, the Aug 30 high. Initial firm resistance is seen at 4282.20 the 20-day EMA.
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