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Price Signal Summary - EUROSTOXX50 Futures Remain Below The 50-Day EMA

  • A sharp sell-off on Aug 24 in the E-mini S&P contract reinforces a bearish theme and signals the end of the Aug 18 - 24 corrective bounce. Short-term gains are considered corrective and attention is on support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. Resistance to watch is 4510.13 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16.
  • A bearish trend condition in EUROSTOXX 50 futures remains intact despite this week’s gains. Last Thursday’s sharp sell-off reinforces a bearish theme. The move lower signals the end of the recent corrective bounce between Aug 18 - 24. Key support and the bear trigger lies at 4187.00, the Aug 8 low. A break of this level would confirm a resumption of the downtrend. Resistance to watch is 4330.50, the 50-day EMA. A clear break would signal a short-term reversal.

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