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Price Signal Summary - Impulsive Bear Leg In S&P E-Minis

OUTLOOK
  • In the equity space, S&P E-Minis traded lower late last week and the contract remains soft. The move lower paves the way for a test of 5185.50, 76.4% retracement of the Apr 19 - Jul 16 bull leg. Clearance of this level would signal scope for an extension towards 5092.00, the May 2 low. Today’s intraday high of 5345.50 marks initial resistance.
  • A bear threat in EUROSTOXX 50 futures remains present and the contract is trading lower today as it starts the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, 2.236 proj of the Jun 6 - 14 - Jul 12 price swing. Firm resistance is 4940.25, the 50-day EMA. First resistance is 4656.00, today’s intraday high.
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