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OUTLOOK: Price Signal Summary - EUROSTOXX50 Rally Extends

OUTLOOK
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  • In the equity space, a bear threat in the S&P E-Minis contract remains present. However, yesterday’s gains resulted in a print above resistance at 5987.49, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact and the latest pullback has proved to be corrective. Yesterday’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. Today’s move higher reinforces current conditions. The focus is on a climb towards 5142.00, a 1.00 projection of the Nov 21 - Dec 9 - 20 price swing. Key short-term support has been defined at 4931.00, the Jan 13 low. First support is at 5040.00, the Dec 9 high.
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  • In the equity space, a bear threat in the S&P E-Minis contract remains present. However, yesterday’s gains resulted in a print above resistance at 5987.49, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact and the latest pullback has proved to be corrective. Yesterday’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. Today’s move higher reinforces current conditions. The focus is on a climb towards 5142.00, a 1.00 projection of the Nov 21 - Dec 9 - 20 price swing. Key short-term support has been defined at 4931.00, the Jan 13 low. First support is at 5040.00, the Dec 9 high.