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

OUTLOOK
  • In the equity space, S&P E-Minis traded higher again Thursday. The move confirms a resumption of the uptrend, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4491.19, the top of a bull channel drawn from the Oct 2022 low (cont). Firm support is at 4320.18, the 20-day EMA. Initial support is at 4381.75, the Jun 5 high.
  • EUROSTOXX 50 futures traded are trading higher today. Resistance at 4380.00, the May 29 high, has been cleared this week. This is a bullish development and signals scope for an extension higher towards key resistance at 4434.00, the May 19 high. Clearance of this hurdle would represent an important bullish development and open 4448.00, the Jan 2008 high (cont). Initial support to watch is at 4303.00, the Jun 7 low.

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