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Price Signal Summary - EUROSTOXX50 Bull Cycle Extends

OUTLOOK
  • In the equity space, the E-mini S&P contract traded to a high of 4634.50 Thursday before reversing. This highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4643.65 today. A continuation lower would expose the 20-day EMA - at 4534.05 and a break of this level would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.
  • EUROSTOXX 50 futures have continued to climb and price has pierced the 4500.00 handle. This reinforces bullish conditions and confirms a resumption of the underlying uptrend. Last week’s break marked the end of a broad sideways move that started May 19. Attention is on 4515.50 next, the Nov / Dec 2007 high (cont). Key short-term support has been defined at 4331.00, the Jul 26 low. A break of this level would be a bearish development.
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