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Price Signal Summary - Corrective Cycle In S&P E-Minis Still 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 this is allowing a recent overbought signal to unwind. 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 5158.82 and the next key pivot support. Key resistance is 5333.50, the Apr 1 high.
  • The primary uptrend in EUROSTOXX 50 futures remains in play and the move down is allowing an overbought trend condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement. The next support lies at 4851.40, the 50-day EMA and marks the next key pivot support. The bull trigger and key resistance has been defined at 5079.00, Apr 2 high.
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