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Price Signal Summary - S&P E- Minis Clear Resistance And Resume The Uptrend

OUTLOOK
  • In the equity space, a bull theme in S&P E-Minis remains intact. Yesterday’s gains resulted in a break of resistance at 4498.00, the Jun 30 high. This confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4532.08, 2.236 projection of the May 4 - 19 - 24 price swing. First support lies at 4428.89, the 20-day EMA.
  • The EUROSTOXX 50 futures contract continues to appreciate. The break higher this week has resulted in a move above the 50-day EMA at 4331.70 and price is through 4371.00, the Jul 6 high. Clearance of this latter level highlights a stronger bull cycle and attention turns to key resistance and the bull trigger at 4447.00, the Jul 3 high. Key support and the bear trigger has been defined at 4220.00, the Jul 7 low.
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