April 29, 2024 09:39 GMT
Price Signal Summary - EUROSTOXX 50 Futures Bull Cycle Remains In Play
OUTLOOK
- In the equity space, the short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance at 5138.19, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.
- EUROSTOXX 50 futures are holding on to their recent gains from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, Apr 15 high. This highlights a potentially stronger reversal. A continuation higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4874.10, the 50-day EMA.
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