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Price Signal Summary - Pivot Support In S&P E-Minis Lies At The 50-day EMA - At 3954.8

OUTLOOK
  • In the equity space, S&P E-Minis have started the week on a bearish note. However, the short-term uptrend remains intact and last week’s gains reinforced this theme. The break higher paves the way for strength towards 4180.00, the Dec 13 high and a bull trigger. Initial firm support has been defined at 3949.56, the 50-day EMA. A break of this EMA is required to highlight a potential reversal. First support lies at 4027.25, the Jan 26 low.
  • EUROSTOXX 50 futures remain above support at 4097.00, Jan 19 low. Despite today’s move lower, attention is on key short-term resistance at 4206.00, the Jan 18 high. A break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4215.00, the 2.00 projection of the Sep 29 - Oct 4 rise from the Dec 20 low. Note that the trend remains overbought. A pullback, if seen, would represent a healthy bull trend correction. Support to watch is 4094.60, the 20-day EMA.
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