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Price Signal Summary - Pullback In S&P E-Minis Appears To Be A Correction

OUTLOOK
  • In the equity space, S&P E-Minis are trading lower today and extending the pullback from last week’s 4208.50 high (Feb 2). The move lower is likely a correction and is allowing a recent overbought trend condition to unwind. Support to watch lies at 4007.50, the Jan 31 low. Ahead of this low is support at 4040.48, the 20-day EMA. The broader uptrend remains intact - last week’s gains confirmed a resumption of the trend that started Dec 22. A reversal higher would open 4250.00, the Aug 26 2022 high.
  • The EUROSTOXX 50 futures trend needle continues to point north. Resistance at 4206.00, the Jan 18 high, has been breached. The clear break confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, a Fibonacci projection. Note that the trend remains overbought. A deeper pullback, if seen, would represent a healthy correction. A break of 4097.00, the Jan 19 low, would signal the start of a stronger short-term bear cycle.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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