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Price Signal Summary - EUROSTOXX50 Bounce Extends
- In the equity space, the short-term trend condition in S&P E-Minis remains bearish despite the latest recovery - a correction. Price has recently cleared a key support at 3960.75, the Mar 2 low, to confirm a resumption of the bear cycle that started Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4025.01, the 50-day EMA. A break of this average would alter the picture.
- The EUROSTOXX 50 futures remains bearish, however, the strong recovery from yesterday’s low of 4057.00 has resulted in a break of both the 20- and 50-day EMAs. A continuation higher would signal scope for 4184.50, a Fibonacci retracement. Note that key resistance and the bull trigger is at 4268.00, the Mar 6 high. On the downside, a reversal lower and a breach of 3914.00 would resume the recent downtrend.
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