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OUTLOOK: Price Signal Summary - Fresh Cycle High In The EUROSTOXX50 Contract

OUTLOOK
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  • In the equity space, the S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, 61.8% of the Jan 13 - 24 bull leg. Key resistance is 6178.75, the Dec 6 high.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact and the move down from the Jan 24 high, has proved to be a correction. Today’s gains have delivered a print above 5726.00, the Jan 24 high. A clear break of this level would confirm a resumption of the uptrend and pave the way for gains towards 5298.50, the 1.500 projection of the Nov 21 - Dec 9 - 20 price swing. The first important support to watch is 5121.39, the 20-day EMA.
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  • In the equity space, the S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, 61.8% of the Jan 13 - 24 bull leg. Key resistance is 6178.75, the Dec 6 high.
  • A bull cycle in the EUROSTOXX 50 futures contract remains intact and the move down from the Jan 24 high, has proved to be a correction. Today’s gains have delivered a print above 5726.00, the Jan 24 high. A clear break of this level would confirm a resumption of the uptrend and pave the way for gains towards 5298.50, the 1.500 projection of the Nov 21 - Dec 9 - 20 price swing. The first important support to watch is 5121.39, the 20-day EMA.