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Price Signal Summary - Bull Channel Breakout In the E-mini S&P Contract

OUTLOOK
  • 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 is through the 50-day EMA and has breached channel support drawn from the Mar 13 low - the channel base is at 4461.67. A clear channel breakout would signal scope for a continuation lower and open 4411.25, the Jul 10 low. Initial resistance to watch is at the 20-day EMA - at 4515.45.
  • A bearish threat in EUROSTOXX 50 futures remains present following the recent reversal from 4513.00, Jul 31 high. Yesterday’s sharp sell-off reinforces the bearish condition. The contract has today pierced support at 4276.00, the Aug 8 and 15 low. Clearance of this level would strengthen a bearish threat and expose 4220.00, the Jul 7 low. Key short-term resistance is unchanged at 4420.00, Aug 10 high. Initial resistance is 4360.00, the 50-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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