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Price Signal Summary - EUROSTOXX50 Futures Clear Resistance At The 50-Day EMA

  • In the equity space, a bull theme in S&P E-Minis remains intact and the pullback last week appears to be a correction. First support lies at 4420.62, the 20-day EMA. Clearance of this level would strengthen a bearish threat and expose 4368.50, the Jun 26 low and a key support. On the upside, the bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend and open 4532.08, 2.236 projection of the May 4 - 19 - 24 price swing.
  • The latest move higher in EUROSTOXX 50 futures appears to be a correction, however, the contract continues to climb and has traded above the 50-day EMA at 4329.40. The break higher exposes resistance at 4371.00, the Jul 6 high. Clearance of this level would highlight a potentially stronger bull cycle. On the downside, a reversal lower would refocus attention on the bear trigger at 4220.00, the Jul 7 low.

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