April 26, 2024 09:34 GMT
Price Signal Summary - Short-Term Resistance In S&P E-Minis Remains Intact
OUTLOOK
- In the equity space, the short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is 5138.90, the 20-day EMA. A clear break of the average would signal a possible reversal.
- EUROSTOXX 50 futures are holding on to the bulk of the recovery from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, Apr 15 high. This highlights a potentially stronger reversal. A continuation higher would expose the bull trigger at 5079.00, Apr 2 high. Initial support to watch is 4869.70, the 50-day EMA.
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