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Price Signal Summary - S&P E-Minis bull cycle still in play

OUTLOOK
  • In the equity space, S&P E-Minis maintains a bullish tone and the contract is holding on to the bulk of its recent gains. This week’s climb has resulted in a break of; 3820.00, the Oct 5 high and the 50-day EMA, at 3831.76. This has strengthened the short-term bullish condition and signals scope for a climb towards 3923.88, 50.0% of the Aug 16 - Oct 13 downleg. Key short-term support has been defined at 3641.50.
  • The short-term condition in EUROSTOXX 50 futures maintains a firmer tone. A number of key resistance levels have recently been cleared. Price is through trendline resistance drawn from the Aug 17 high and is trading above the 50-day EMA. This signals scope for an extension higher towards 3678.00 next, the Sep 13 high and a key short-term resistance. Firm support is seen at the 50-day EMA. The average intersects at 3483.70.

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