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Price Signal Summary - Gains In EUROSTOXX 50 Futures Appear To Be A Correction

OUTLOOK
  • In the equity space, the short-term trend condition in {US} S&P E-Minis is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is seen at 5164.38, the 20-day EMA. A clear break of the average would signal a possible reversal. {EU} EUROSTOXX 50 futures traded to a fresh cycle low Friday, before recovering. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4859.20, the 50-day EMA and a key pivot price point. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance is 4926.90, the 20-day EMA.
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  • In the equity space, the short-term trend condition in {US} S&P E-Minis is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is seen at 5164.38, the 20-day EMA. A clear break of the average would signal a possible reversal. {EU} EUROSTOXX 50 futures traded to a fresh cycle low Friday, before recovering. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4859.20, the 50-day EMA and a key pivot price point. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance is 4926.90, the 20-day EMA.