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Price Signal Summary - EUROSTOXX 50 Remains In Retracement Mode

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis remains intact and the contract traded higher Wednesday. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, the 2.236 projection of the Apr 19 - 29 - May 2 price swing. Initial support lies at 5333.75, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures remains bullish, however, a corrective cycle has resulted in a pullback from the May high. Yesterday’s sell-off and today’s extension has resulted in a break of 4943.00, the Jun 11 low. This highlights potential for a deeper retracement and sights are on 4844.10, 76.4% of the Apr 19 - May 16 bull cycle. A break of this level would open 4762.00, the Apr 19 low and a key support. Firm resistance is at 5046.00, Jun 12 high.
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