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Price Signal Summary - EUROSTOXX50 Futures Breaches The 50-Day EMA

OUTLOOK
  • In the equity space, a bull theme in S&P E-Minis remains intact A bull theme in S&P E-minis remains intact and the latest pullback appears to be a correction - for now. Last Friday’s gains reinforce a bullish condition. The contract has pierced key resistance and the bull trigger at 4493.75, the Jun 16 high. A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4532.08, a Fibonacci projection. On the downside, initial support to watch is 4405.73, the 20-day EMA.
  • The EUROSTOXX 50 futures uptrend remains intact, however, this week’s corrective pullback remains in play and price has traded through both the 20- and 50- day EMAs. The break of the 50-day average exposes 4241.00, the May 31 low and bear trigger. Support ahead of this level lies at 4262.00, the Jun 26 low. Clearance of resistance at 4448.00, the Jan 2008 high (cont) is required to confirm a resumption of the uptrend.
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