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Price Signal Summary – Equity Pullbacks Still Considered Corrective

OUTLOOK
  • The S&P E-Minis trend condition is bullish and the latest pullback is considered corrective. The contract has pierced initial support at 4069.52, the 20-day EMA. Firmer support lies at the 50-day EMA, at 4006.63.
  • EUROSTOXX 50 futures traded higher Thursday last week to breach 4265.00, the Feb 3 high. Despite the pullback from last week’s best levels, the fresh cycle high confirms a resumption of the uptrend and opens 4303.20, the 2.382 projection of the Sep 29 - Oct 4 rise from the Dec 20 low.

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