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

OUTLOOK
  • 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.

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