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Price Signal Summary - S&P E-Minis Corrective Cycle Still In Play

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis is unchanged and remains bearish. Today’s extension reinforces current short-term conditions. The contract has this week cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, 0.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is seen at 5181.29, the 20-day EMA. A clear break of the average would signal a possible reversal.
  • EUROSTOXX 50 futures have traded to a fresh S/T cycle low today. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has breached support at 4858.80, the 50-day EMA and a key pivot price point. The clear break of this average signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance to watch is 4933.00, the 20-day EMA.
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  • In the equity space, the short-term trend condition in S&P E-Minis is unchanged and remains bearish. Today’s extension reinforces current short-term conditions. The contract has this week cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, 0.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance is seen at 5181.29, the 20-day EMA. A clear break of the average would signal a possible reversal.
  • EUROSTOXX 50 futures have traded to a fresh S/T cycle low today. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has breached support at 4858.80, the 50-day EMA and a key pivot price point. The clear break of this average signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance to watch is 4933.00, the 20-day EMA.