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Price Signal Summary - EUROSTOXX 50 Trend Needle Points North

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis remains bullish and the contract traded higher Monday. Price action continues to highlight the fact that corrections remain shallow - this is a bullish signal. Support to watch is 5045.84, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement. For bulls, sights are on 5170.86, a Fibonacci projection, the 2.236 projection of Nov 10 - Dec 1 - 7 price swing.
  • EUROSTOXX 50 futures traded higher Monday, delivering another fresh cycle high,, confirming a resumption of the current uptrend. MA studies remain in a bull-mode position and this set-up highlights positive market sentiment. Sights are on 4939.30 next, the 2.382 projection of the Nov 8 - 24 - 28 price swing. Further out, scope is seen for a climb towards a bull channel top at 5002.00. The channel is drawn from the Oct 27 low. Initial firm support lies at 4808.40, the 20-day EMA.
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