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Price Signal Summary - EUROSTOXX50 Key Resistance Remains Exposed

  • In the equity space, the S&P E-Minis contract is trading below last week’s high of 4609.25 (Jul 19). Prices have recently tested the top of the bull channel drawn off the March 13 low - the channel top intersects at 4622.12 today. A clear breakout would strengthen bullish conditions and open 4631.00, the Mar 29 2022 high. A corrective pullback would initially target the 20-day EMA at 4506.23. The average marks the first key short-term level to watch.
  • EUROSTOXX 50 futures remain in consolidation mode but continue to trade closer to their recent highs and price is holding above the 50-day EMA at 4351.00. Attention is on key resistance and the bull trigger at 4447.00, the Jul 3 high. A break of this level would confirm a resumption of the uptrend. Key support and the bear trigger has been defined at 4220.00, the Jul 7 low. Initial support is at the 50-day EMA.

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