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Price Signal Summary - Equity Bull Theme Intact

OUTLOOK
  • In the equity space, S&P E-Minis maintain a bullish theme and price is trading at recent highs. Last week’s break of resistance at 3928.00, the Nov 1 high, strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily chart. 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 3837.45, the 50-day EMA.
  • A bullish EUROSTOXX 50 futures outlook remains intact and last week’s rally reinforces this theme. The contract has cleared 3810.00, the Aug 17 high and an important bull trigger. Moving average studies are in a bull mode set-up, highlighting current market sentiment. The focus is on 3944.00, the Mar 29 high on the continuation chart. Firm support lies at 3697.00, the Nov 10 low.
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