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Price Signal Summary - S&P E-Minis Bull Cycle Extends

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis remains intact and the contract has traded higher this week, confirming an extension of the current bull cycle. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend. Note that MA studies are in a bull-mode position too, highlighting positive market sentiment. Sights are on 5594.66 next, the 2.618 projection of the Apr 19 - 29 - May 2 price swing. Initial support lies at 5433.13, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures remains bullish, however, a corrective cycle is in play and this has resulted in a pullback from the May high. Recent weakness has also resulted in a break of 4943.00, the Jun 11 low, highlighting potential for a deeper retracement. A resumption of weakness would open 4762.00, the Apr 19 low and a key support. Firm resistance is at 5046.00, Jun 12 high. Initial resistance is at 4964.10, the 50-day EMA.
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