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Price Signal Summary - Sharp Sell-off In S&P E-Minis Exposes Support At The 50-Day EMA

OUTLOOK
  • In the equity space, a strong sell-off in S&P E-Minis Tuesday resulted in a break below support at the 20-day EMA, at 4125.55. This exposes a more important support - the 50-day EMA - that intersects at 4086.99. A clear break of this average would highlight a top and expose 4061.11, 38.2% of the Mar 13 - Apr 18 bull leg. On the upside, initial firm resistance is seen at 4164.25, the Apr 24 high. A breach of this level would ease the developing bearish threat.
  • The EUROSTOXX 50 futures contract has pulled back from recent highs. A key short-term support at 4279.90 remains intact. This is the 20-day EMA where a break is required to signal a short-term top and highlight potential for a deeper pullback - towards 4202.40, the 50-day EMA. Trend conditions remain bullish for now, and attention is on the bull trigger at 4363.00, the Apr 21 high. A break would open 4381.50, Jan 5 2022 high (cont).
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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