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OUTLOOK: Price Signal Summary - EUROSTOXX50 Resistance Holds For Now

OUTLOOK
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  • In the equity space, Monday’s initial sell-off in the S&P E-Minis contract and breach of support at 5948.00, the Jan 27 low, continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, the 76.4% retracement of the Aug 5 - Dec 6 bull leg. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.
  • EUROSTOXX 50 futures have recovered from Monday’s low. However, the sharp reversal lower earlier this week does highlight a potential bearish threat that would signal the start of a corrective cycle. Price has traded through the 20-day EMA, at 5180.60. A resumption of the bear leg would pave the way for a move towards the 50-day EMA, at 5073.75. Key resistance and the bull trigger is at 5327.00, the Jan 31 high. A clear break  resumes the primary uptrend. This would open 5335.43, the 1.618 projection of the Nov 21 - Dec 9 - 20 price swing.
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  • In the equity space, Monday’s initial sell-off in the S&P E-Minis contract and breach of support at 5948.00, the Jan 27 low, continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, the 76.4% retracement of the Aug 5 - Dec 6 bull leg. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.
  • EUROSTOXX 50 futures have recovered from Monday’s low. However, the sharp reversal lower earlier this week does highlight a potential bearish threat that would signal the start of a corrective cycle. Price has traded through the 20-day EMA, at 5180.60. A resumption of the bear leg would pave the way for a move towards the 50-day EMA, at 5073.75. Key resistance and the bull trigger is at 5327.00, the Jan 31 high. A clear break  resumes the primary uptrend. This would open 5335.43, the 1.618 projection of the Nov 21 - Dec 9 - 20 price swing.