Price Signal Summary - Bullish Extension In The Equity Space
In the equity space, S&P E-Minis rallied sharply higher Thursday and in the process cleared a key resistance at 3928.00, the Nov 1 high. The break strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. This opens 4023.44 next, 61.8% of the Aug 16 - Oct 13 downleg. On the downside, key short-term support has been defined at 3704.25, the Nov 3 low. Initial support is at 3830.80, the 50-day EMA.
A bullish EUROSTOXX 50 futures outlook remains intact and yesterday’s rally reinforces this set-up. The contract has cleared resistance at 3810.00, the Aug 17 high and an important bull trigger. Moving average studies are in a bull mode set-up and this highlights current market sentiment. The focus is on 3944.00, the Mar 29 high on the continuation chart. First support lies at yesterday’s 3697.00 low.