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

OUTLOOK

In the equity space, S&P E-Minis maintain a firmer short-term tone. Recent gains suggest the contract has entered a corrective phase. The 20-day EMA has been breached, reinforcing a bullish theme and the recovery is allowing an oversold trend reading to unwind. The focus is on 3820.00, the Oct 5 high and a bull trigger. Key support lies at 3502.00.
EUROSTOXX 50 futures are firmer as price extends the recovery from 3251.00, Oct 13 low. The 50-day EMA and resistance at 3492.00, the Oct 6 high and a bull trigger, have been breached. Price has also arrived at a trendline resistance drawn from the Aug 17 high - the trendline intersects at 3497.40. A clear break of this line would strengthen bullish conditions. Initial firm support is at 3352.00, the Oct 14 low.

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