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Price Signal Summary - EUROSTOXX 50 Bounce Considered Corrective

OUTLOOK
  • A bear cycle in the E-mini S&P remains in play and the contract traded lower this week, extending the current downleg. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, 1.236 projection of the Jul 27 - Aug 18 - Sep 1 price swing. Initial firm resistance is 4472.85, the 50-day EMA. Short-term gains are considered corrective - for now.
  • EUROSTOXX 50 futures maintain a softer tone and the latest (strong) bounce is considered corrective. This week’s extension reinforces bearish conditions and key support at 4210.00, the Sep 8 low, has been breached. The clear break confirms a resumption of the downtrend that started late July and opens 4109.90, the 1.236 projection of the Aug 10 - 18 - 30 price swing. Key short-term resistance has been defined at 4359.00, the Sep 15 high. 4250.00, the 20-day EMA, is seen as the initial firm resistance.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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