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Price Signal Summary - EUROSTOXX50 Sights Are On Key Resistance At 3492.00

  • In the equity space, S&P E-Minis are firmer this week. A volatile session last Thursday resulted in a strong bounce from 3502.00. The subsequent recovery suggests the contract has entered a corrective phase. The 20-day EMA has been breached, reinforcing a bullish theme and this has opened 3820.00, the Oct 5 high and a bull trigger. Key support lies at 3502.00.
  • The EUROSTOXX 50 futures are firmer as price extends the recovery from 3251.00, Oct 13 low. The 50-day EMA, at 3472.00 has been breached - a positive development. Attention is on; resistance at 3492.00, the Oct 6 high and bull trigger and trendline resistance drawn from the Aug 17 high, which intersects at 3504.30 today. Clearance of 3492.00 and 3504.30 would highlight a strong short-term bullish development. Initial support is at 3352.00, Oct 14 low.

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