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Price Signal Summary - EUROSTOXX 50 Pullback Appears Corrective With Support Intact

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis remains intact and last week’s gains reinforce this set-up. The contract has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. Key short-term support has been defined at 5205.50, the May 31 low.
  • Current weakness in EUROSTOXX 50 futures appears to be a correction. The recent recovery from 4947.00, the Jun 4 low, signals the end of the corrective cycle and attention is on key resistance and the bull trigger at 5110.00, the May 16 high. Clearance of this level would confirm a resumption of the uptrend. Support to watch lies at 4947.00, a break would be bearish and instead, expose 4894.90, 61.8% retracement of the Apr 19 - May 16 bull cycle.
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