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Price Signal Summary - EUROSTOXX50 Futures Trade Through Support At The 50-Day EMA

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis remains bearish following last week’s sell-off and short-term gains are considered corrective. Price last week cleared key short-term support at 3960.75, the Mar 2 low and this confirmed a resumption of the bear cycle that has been in place since the Feb 2 reversal. The move lower signals potential for an extension towards 3822.00, the Dec 22 low. Initial firm resistance is seen at 4045.27, the 50-day EMA.
  • EUROSTOXX 50 futures have started the week on a bearish note and price is trading lower today. This reinforces Friday’s break of a key support at 4258.60 - the base of a bull channel drawn from the Oct 13 low. The clear breach highlights a reversal of the uptrend that has been in place since late September 2022. Today’s sell-off has resulted in a break of the 50-day EMA and this opens the 4000.00 handle next. On the upside, initial firm resistance is seen at 4252.50, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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