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Price Signal Summary - EUROSTOXX 50 Futures Clear Short-Term Resistance

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last Friday’s bearish extension reinforced current short-term conditions. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.
  • EUROSTOXX 50 futures traded higher Tuesday, extending the recovery from 4762.00, the Apr 19 low. The contract has cleared the 20-day EMA and breached resistance at 4990.00, the Apr 15 high. This highlights a stronger reversal and signals the end of the correction between Apr 2 - 19. A continuation higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. First support lies at 4865.00, the 50-day EMA.
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