Free Trial

Price Signal Summary - Pullback In EUROSTOXX 50 Contract Appears To Be Corrective

  • In the equity space, the trend condition in S&P E-Minis remains bullish and the contract continues to trade closer to its recent highs. Price action also continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5024.54, the 20-day EMA. A resumption of gains would open vol-band based resistance at 5153.29.
  • The bull cycle in EUROSTOXX 50 futures remains firmly intact and the contract has again traded higher this week. Today’s pullback is considered corrective. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 4939.30 next, the 2.382 projection of the Nov 8 - 24 - 28 price swing. Further out, scope is seen for a climb towards a bull channel top at 4988.60. The channel is drawn from the Oct 27 low. Initial firm support lies at 4785.90, the 20-day EMA.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.