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Price Signal Summary - Gains In EUROSTOXX50 Considered Corrective

OUTLOOK
  • In the equity space, a bull theme in S&P E-Minis remains intact and the pullback last week appears to be a correction - for now. Attention is on the first support 4415.05, the 20-day EMA. Clearance of this level would strengthen a bearish threat and expose 4368.50, the Jun 26 low and a key support. The bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend.
  • EUROSTOXX 50 futures remain vulnerable despite the latest bounce. The contract traded sharply lower last week, clearing a number of key support levels in the process. 4241.00, the May 31 low, has been breached highlighting a potential reversal. This has opened 4208.50, the 50.0% retracement of the Mar 20 - Jul 3 bull cycle. Key short-term resistance is seen at 4330.20, the 50-day EMA. A break of this average would ease bearish pressure.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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