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Price Signal Summary - S&P E-Minis Bounce Exposes Resistance At The Bull Channel Base

OUTLOOK
  • The latest recovery in the E-mini S&P contract has resulted in a break of both the 20- and 50-day EMA values. This signals potential for a stronger short-term recovery. Attention is on resistance at 4493.98, the base of a bull channel that was breached last week. The channel is drawn from the Mar 13 low. Clearance of this level would open 4517.75, the Aug 15 high. Support to watch lies at 4399.50, yesterday’s low. A break would be bearish.
  • A bearish theme in EUROSTOXX 50 futures remains present, however, for now a corrective cycle is in play and the contract has traded higher this week. Resistance to watch is 4338.70, the 50-day EMA. A break of this average would highlight a stronger bullish theme and signal scope for a climb, potentially towards 4420.00, the Aug 10 high. Key support and the bear trigger has been defined at 4187.00, the Aug 8 low. Initial support lies at 4247.00, the Aug 22 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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