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Price Signal Summary - S&P 500 Bulls Remain In The Driver’s Seat

OUTLOOK
  • In the equity space, a bullish theme in S&P E-Minis remains intact. The rally this week confirms a resumption of the uptrend that started Oct 27. Note too that resistance at 4738.50, the Jul 27 high, has been cleared, reinforcing current positive trend conditions. This signals scope for a climb towards 4800.00 next. Initial firm support lies at 4632.25, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact and the contract traded to a fresh trend high yesterday. This confirms, once again, a resumption of the uptrend. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4608.00, the Jun 2007 high and a key resistance. Support to watch is at 4434.40, the 20-day EMA.

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