March 28, 2024 10:58 GMT
Price Signal Summary - EUROSTOXX 50 Bulls Remain In The Driver’s Seat
OUTLOOK
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- In the equity space, the trend condition in S&P E-Minis is unchanged and remains bullish. Recent gains reinforce this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5416.33, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5226.59, the 20-day EMA. A move lower is considered corrective.
- A bullish trend condition in EUROSTOXX 50 futures remains intact and the contract has traded to fresh cycle highs this week. The climb once again confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, the 1.236 projection of the Jan 17 - Feb 12 - 13 price swing. Initial firm support is at 4936.90, the 20-day EMA.
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