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Price Signal Summary - Fresh All-Time High In S&P E-Minis

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis remains bullish. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This break confirmed a resumption of the primary uptrend. Yesterday's all-time high print confirms a recent bull flag formation on the daily scale. This is a continuation pattern and reinforces bullish conditions. Sights are on the 5600.00 handle. Support to watch is 5505.46, the 20-day EMA.
  • EUROSTOXX 50 futures continue to trade inside a range. The trend condition is bullish and the recovery from the Jun 14 low appears to be an early reversal of the May 16 - Jun 14 correction. Attention is on 5039.84, 61.8% of May 16-Jun 14 sell-off. Clearance of this level would be a positive development. A move down would instead signal a resumption of the bearish corrective cycle that started May 16 and open 4846.00, Apr 19 low and a key support.
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