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OUTLOOK: Price Signal Summary - EUROSTOXX50 Futures Trend Needle Points North

OUTLOOK
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  • In the equity space, a bear threat in S&P E-Minis remains present and a sharp sell-off this week reinforces a short-term downtrend. The contract traded to a fresh short-term cycle low again, Thursday, marking an extension of the current bear leg. This reinforces a stronger reversal and a double top pattern on the daily scale. The focus is on 5698.25, the 50.0% retracement of the Aug 5 - Dec 6 ‘24 bull leg. Initial firm resistance to watch is 6002.65, the 50-day EMA. First resistance is at 5884.00, the Mar 4 high.
  • The trend in the EUROSTOXX 50 futures contract remains bullish with price trading closer to its recent trend highs. Key short-term support has been defined at 5373.00, the Mar 4 low. A reversal lower and a break of this level would signal scope for a deeper retracement and expose the 50-day EMA at 5299.82. For bulls, a continuation higher would open the 5600.00 handle next.
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  • In the equity space, a bear threat in S&P E-Minis remains present and a sharp sell-off this week reinforces a short-term downtrend. The contract traded to a fresh short-term cycle low again, Thursday, marking an extension of the current bear leg. This reinforces a stronger reversal and a double top pattern on the daily scale. The focus is on 5698.25, the 50.0% retracement of the Aug 5 - Dec 6 ‘24 bull leg. Initial firm resistance to watch is 6002.65, the 50-day EMA. First resistance is at 5884.00, the Mar 4 high.
  • The trend in the EUROSTOXX 50 futures contract remains bullish with price trading closer to its recent trend highs. Key short-term support has been defined at 5373.00, the Mar 4 low. A reversal lower and a break of this level would signal scope for a deeper retracement and expose the 50-day EMA at 5299.82. For bulls, a continuation higher would open the 5600.00 handle next.