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Price Signal Summary - EUROSTOXX 50 Futures Clears Resistance

OUTLOOK
  • In the equity space, S&P E-Minis traded higher Tuesday and the contract is firmer today. The move confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4452.42, 1.764 projection of the May 4 - 19 - 24 price swing. Firm support is at 4292.26, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.
  • EUROSTOXX 50 futures traded higher Tuesday and the contract is climbing today. Resistance at 4362.00, the May 29 high has been cleared. This is a bullish development and signals scope for an extension higher towards key resistance at 4409.50, the Nov 18 2021 high on the continuation chart. Clearance of this hurdle would represent an important bullish development. Initial support to watch is at 4281.50, the 50-day EMA.

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