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Price Signal Summary - EUROSTOXX 50 Tests Support

OUTLOOK
  • The E-mini S&P contract traded lower yesterday. Key resistance has been defined at 4547.75, Sep 1 high. A break is required to reinstate the recent bullish theme. Note that recent gains in the contract stalled at the area of resistance around the former bull channel base - drawn from the Mar 13 low. The line intersects at 4542.44. This is a bearish development and a continuation lower would expose key support at 4350.00, the Aug 18 low.
  • EUROSTOXX 50 futures continue to pull back from the recent high. Attention is on support at 4225.00, the Aug 24 low. It has been pierced, clearance of this level would signal scope for a test of the key support at 4187.00, the Aug 18 low and bear trigger. Moving average studies continue to highlight a downtrend. For bulls, clearance of resistance at 4358.00, the Aug 30 high, would reinstate a bullish theme.

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