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Price Signal Summary - S&P E-Minis Bear Threat Remains Present

EQUITY TECHS
  • A sharp sell-off last Thursday in the E-mini S&P contract reinforces a bearish theme and signals the end of the recent corrective bounce between Aug 18 - 24. Attention is on support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. On the upside, resistance to watch is 4504.75, the base of a bull channel that was breached on Aug 16. The channel is drawn from the Mar 13 low.
  • A bearish trend condition in EUROSTOXX 50 futures remains intact and last Thursday’s sharp sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce between Aug 18 - 24. Key support and the bear trigger lies at 4187.00, the Aug 8 low. A break of this level would confirm a resumption of the downtrend. Resistance to watch is 4331.50, the 50-day EMA.
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