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Price Signal Summary - EUROSTOXX50 Pullback Considered Corrective

OUTLOOK
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  • In the equity space, the uptrend in S&P E-Minis remains intact and the pullback last Thursday appears to be a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains signal scope for a climb towards 5372.73, a 1.764 projection of the Apr 19 - 29 - May 2 price swing. Initial support is 5259.02, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact and the recent pullback still appears to be a correction. The contract has recently cleared 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. Support at the 20-day EMA has been pierced. The next level to watch is 4955.70, the 50-day EMA.
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  • In the equity space, the uptrend in S&P E-Minis remains intact and the pullback last Thursday appears to be a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains signal scope for a climb towards 5372.73, a 1.764 projection of the Apr 19 - 29 - May 2 price swing. Initial support is 5259.02, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact and the recent pullback still appears to be a correction. The contract has recently cleared 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. Support at the 20-day EMA has been pierced. The next level to watch is 4955.70, the 50-day EMA.