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

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off plus yesterday’s move lower, reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5155.37 and the next key support. Key resistance is 5333.50, the Apr 1 high.
  • The primary uptrend in EUROSTOXX 50 futures remains intact and recent weakness is considered corrective. The move down is allowing an overbought condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement. The next support lies at 4848.70, the 50-day EMA. Key resistance and the bull trigger has been defined at 5079.00, Apr 2 high.
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