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Price Signal Summary - Gains In EUROSTOXX 50 Futures Considered Corrective

OUTLOOK
  • In the equity space, Short-term gains in S&P E-Minis are - for now - considered corrective and the 50-day EMA marks a firm resistance, at 5453.59. Clearance of this average is required to alter the picture and signal scope for stronger gains. The contract traded lower on Aug 5 and this confirmed an extension of the bear cycle. The move down resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low.
  • A bear threat in EUROSTOXX 50 futures remains present and the latest climb appears to be a correction - for now. The sell-off between Aug 1 - 5, reinforces the bearish condition. A key support at 4846.00, the Apr 19 low, has been cleared. This highlights a stronger reversal and opens 4478.81 next, the 2.236 projection of the Jun 6 - 14 - Jul 12 price swing. Firm resistance is 4879.91, the 50-day EMA. First resistance is 4784.42, the 20-day EMA.
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