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EQUITY TECHS: Price Signal Summary - S&P E-Minis Pierces A Key Support 

EQUITY TECHS
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  • In the equity space, the move down this week in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced yesterday, a clear break would allow for a deeper retracement. MA studies remain in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high. Initial resistance is 6069.41, the 20-day EMA.
  • The trend needle in the EUROSTOXX 50 futures contract contract continues to point north and short-term weakness is considered corrective. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 5574.57 next, a 2.382 projection of the Nov 21 - Dec 9 - 20 ‘24 price swing. Initial firm support to watch is 5393.82, the 20-day EMA.
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  • In the equity space, the move down this week in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced yesterday, a clear break would allow for a deeper retracement. MA studies remain in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high. Initial resistance is 6069.41, the 20-day EMA.
  • The trend needle in the EUROSTOXX 50 futures contract contract continues to point north and short-term weakness is considered corrective. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 5574.57 next, a 2.382 projection of the Nov 21 - Dec 9 - 20 ‘24 price swing. Initial firm support to watch is 5393.82, the 20-day EMA.