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Price Signal Summary - Bull Cycle In S&P E-Minis Remains In Play

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis The trend condition in S&P E-Minis is bullish and the contract traded to a fresh trend high once again last week. The continuation higher confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. Sights are on the 5713.31, a 3.236 projection of the Apr 19 - 29 - May 2 price swing. Firm support is at 5569.65, the 20-day EMA.
  • A bull cycle in EUROSTOXX 50 futures remains intact and Friday’s gains reinforce the current condition. 5039.84, 61.8% of the May 16 - Jun 14 sell-off, has been cleared. This has resulted in a print above 5082.32, the 76.4% retracement. A clear break of it would be a positive development and open 5132.00, Jun 6 high. Initial support is 4997.26, the 50-day EMA.

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