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Price Signal Summary - EUROSTOXX50 Outlook Remains Bullish

  • In the equity space, S&P E-Minis traded lower Thursday, extending the pullback from 3928.00, Nov 1 high. Key short-term support has been defined at 3641.50, the Oct 21 low, where a break would signal scope for a continuation lower. For bulls, a reversal higher would refocus attention on 3928.00. Clearance of this level is required to confirm a resumption of the recent bull theme and open 3981.25, the Sep 14 high.
  • A bullish EUROSTOXX 50 futures theme remains intact despite the pullback from Tuesday’s high of 3679.00. Today’s gains reinforce this theme. Price has recently pierced resistance at 3678.00, the Sep 13 high. A clear break of this hurdle would strengthen bullish conditions and pave the way for gains above the 3700.00 level. The next key resistance is 3810.00, the Aug 17 high. Firm support is unchanged at the 50-day EMA, at 3511.80.

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