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Price Signal Summary - Short-Term Trend Condition In S&P E-Minis Remains Bearish

OUTLOOK
  • In the equity space, S&P E-Minis have traded lower this week and the move down has resulted in a break of both the 20- and 50-day EMAs. This reinforces a short-term bearish cycle and signals scope for an extension near-term. Note that the move down is considered corrective. Potential is seen for a move towards 5429.62, the lower band of a MA envelope, ahead of 5370.62 50.0% retracement of the Apr 19 - Jul 16 bull leg. Key short-term resistance is 5629.75, the Jul 23 high.
  • EUROSTOXX 50 futures traded lower Thursday, reinforcing current bearish conditions. The contract has traded through a key support at 4846.00, the Apr 19 low. A clear break of this level would pave the way for an extension towards 4724.21, the 200 day MA on the continuation chart. Moving average studies are in a bear-mode set-up, highlighting a downtrend. Initial firm resistance to watch is 4980.00, the Jul 23 high.
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