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Price Signal Summary - S&P E-Minis Bear Cycle Remains In Play

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has recently cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next,50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is seen at 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.
  • EUROSTOXX 50 futures traded to a fresh cycle low Friday, before recovering. Despite the bounce, a bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4860.60, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, Feb 19 low. Resistance at 4923.80, the 20-day EMA, has been breached. The next level to watch is 4990.00, the Apr 15 high.
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