May 23, 2024 09:44 GMT
Price Signal Summary - S&P E-Minis Bulls Remain In The Driver’s Seat
OUTLOOK
- In the equity space, the uptrend in S&P E-Minis remains intact and the contract has traded to a fresh cycle high today. Recent gains have resulted in a break of a key resistance at 5333.50, the Apr 1 high. This confirmed a resumption of the primary uptrend and has signalled scope for a climb to 5372.73, the 1.764 projection of the Apr 19 - 29 - May 2 price swing. Initial support is at 5248.99, the 20-day EMA.
- A bullish theme in EUROSTOXX 50 futures remains intact and the recent pullback appears to be a correction. The contract has recently cleared key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. The initial support zone to watch is the area between 5018.80 to 4948.50, the 20- and 50- day EMA values.
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