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Price Signal Summary - EUROSTOXX 50 Key Support Remains Exposed

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis remains intact, however, a corrective cycle has resulted in a recent pullback from the 5368.25, the May 23 high. The move down has resulted in a print below support at the 50-day EMA, at 5216.53 A clear break of this average would signal scope for a deeper retracement. The recovery from Friday’s low is a positive development, a resumption of gains would open 5368.25 and a breach of this level resumes the trend.
  • EUROSTOXX 50 futures are trading lower today and attention turns to last Thursday's low of 4950.00. The recent move down appears to be a correction, but note that support at the 50-day EMA, at 4967.00, has been pierced. A clear break of the average would undermine the short-term bullish theme and signal scope for a deeper retracement, towards 4894.90, 61.8% of the Apr 19 - May 16 bull cycle. Initial resistance is seen at 5082.00, the May 28 high.
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