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Price Signal Summary - EUROSTOXX50 Tests The 50-Day EMA

  • In the equity space, the S&P E-Minis trend condition remains bullish and the latest pullback is - for now - considered corrective. Last week’s bounce from 4114.00, May 24 low, means that support around the 50-day EMA remains intact. The average intersects at 4132.56 and a clear break of it is required to signal a reversal. Key resistance is at 4244.00, the Feb 2 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
  • EUROSTOXX 50 futures have traded lower again today and in the process, pierced the 50-day EMA and support at 4252.00, the May 25 low. A continuation lower would expose 4233.00, the May 4 low and a key short-term support. Clearance of this level would signal a potential reversal. The bull trigger is at 4409.50, the Nov 18 2021 high (cont) and is a major resistance.

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