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

OUTLOOK
  • In the equity space, the trend condition in {US} S&P E-Minis is bullish and this week’s extension reinforces this set-up. Fresh cycle highs confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a clear bull-mode set-up and this continues to highlight positive market sentiment. Sights are on 5668.00, 3.00 projection of the Apr 19 - 29 - May 2 price swing. Support is at 5526.86, the 20-day EMA. A bull cycle in {EU} EUROSTOXX 50 futures remains intact and attention is on resistance at 5039.84, 61.8% of the May 16 - Jun 14 sell-off. It was pierced Friday, a clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5082.32, the 76.4% retracement point. On the downside, a reversal would instead refocus attention on 4846.00, Apr 19 low and a key support. 4903.00, the Jul 2 low is first support.
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