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Price Signal Summary - S&P E-Minis Gains Considered Corrective

OUTLOOK
  • In the equity space, S&P E-Minis remain soft and yesterday's low print reinforces bearish conditions. The move lower has also reinforced recent reversal signals - a shooting star candle on Dec 13 followed by a break on Dec 15, of support at 3945.75, the Dec 7 low. The focus is on 3778.45, the 61.8% retracement of the Oct 13 - Dec 13 uptrend. On the upside, initial firm resistance is seen at 3952.05, the 50-day EMA.
  • EUROSTOXX 50 futures remain in a bear mode position and yesterday’s low print reinforces this theme. The break lower has resulted in a breach of the 50-day EMA - at 3799.80. Price is back above the EMA but short-term gains are considered corrective. A continuation lower would open 3720.00 next, the Nov 10 low. On the upside, initial firm resistance is seen at the 20-day EMA - it intersects at 3887.20.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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