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Price Signal Summary - Pullback In EUROSTOXX 50 Appears To Be A Correction

OUTLOOK
  • In the equity space, a bullish theme in S&P E-Minis remains intact and the contract is holding on to its recent gains. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. On the downside, initial firm support is seen at 4464.13, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact and the latest pullback is considered corrective. The short-term trend condition is overbought and a move lower would allow this overbought reading to unwind. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. A resumption of gains would open 4388.00, the Aug 30 high. Initial firm support to watch is at 4283.10, the 20-day EMA.

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