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Price Signal Summary - EUROSTOXX 50 Futures Test Support At The 50-Day EMA

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis is unchanged and remains bearish. Yesterday’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA and this signals scope for a continuation lower near-term. Sights are on 5070.36 next, 38.2% of the Oct 27 ‘23 - Apr 1 bull leg. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5221.49, the 20-day EMA.
  • EUROSTOXX 50 futures are trading lower today. A bearish corrective cycle remains in play and the move down this month is allowing an overbought trend condition to unwind. The contract has tested support at 4856.40, the 50-day EMA and a key pivot price point. A clear break of the average would signal scope for a deeper retracement and open 4826.00, the Mar 5 low. Initial resistance to watch is 4990.00, the Apr 15 high.
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