Price Signal Summary - S&P E-Minis Bull Cycle Still In Play Despite Pullback

In the equity space, S&P E-Minis maintains a bullish tone despite the pullback from Wednesday’s high. This week’s climb has resulted in a break of 3820.00, Oct 5 high and the 50-day EMA, at 3831.28, although price has pulled back to levels below the 50-day EMA as a correction from Wednesday’s high, extends. For bulls, a resumption of gains would signal 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. A break of his level would be bearish.
The short-term condition in EUROSTOXX 50 futures maintains a firmer tone and the contract is holding on to the bulk of its recent gains. 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 opens 3678.00 next, the Sep 13 high and a key resistance. Firm support is at the 50-day EMA, at 3488.50.