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Price Signal Summary - Bullish Engulfing Candle In S&P E-Minis Still In Play

OUTLOOK
  • In the equity space, S&P E-Minis traded higher Tuesday. Monday’s candle pattern is a bullish engulfing line and this highlights an important short-term reversal. It signals scope for a stronger corrective bounce and attention is on the 20-day EMA at 3815.27. A break would open the 50-day EMA at 3931.31. Key support has been defined at Monday’s low of 3571.75.
  • EUROSTOXX 50 futures have established a bullish short-term tone. The strong recovery this week suggests the contract has entered a corrective cycle. The 20-day EMA has been cleared and the break exposes 3510.30, the 50-day EMA. Key support is at 3236.00, the Oct 3 low.

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