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Price Signal Summary - EUROSTOXX 50 Correction Still In Play

OUTLOOK
  • In the equity space, short-term gains in S&P E-Minis are - for now - are - for now - considered corrective. However, yesterday’s strong rally delivered a print above the 50-day EMA, at 5453.80. A clear break of this average would undermine the recent bearish theme and instead signal scope for a stronger recovery, towards 5579.35, 76.4% of the Jul 16 - Aug 5 bear leg. A reversal lower would refocus attention on the bear trigger at 5120.00, the Aug 5 low.
  • A bear threat in EUROSTOXX 50 futures remains present and the latest climb appears to be a correction - for now. The sell-off between Aug 1 - 5, reinforced the bearish condition. A key support at 4846.00, the Apr 19 low, has been cleared. This highlights a stronger reversal and opens 4478.81 next, the 2.236 projection of the Jun 6 - 14 - Jul 12 price swing. First resistance is 4777.62, the 20-day EMA.
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