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Price Signal Summary - S&P E-Minis Gains Expose Trendline Resistance

OUTLOOK
  • S&P E-Minis traded higher last week and the contract is holding on to its recent gains. The latest recovery still appears to be a correction, however, price has cleared the 20- and 50-day EMAs. The break of the 50-day average - a key short-term pivot level - has strengthened bullish conditions. Sights are on 4430.50, the Oct 12 high and 4442.25, trendline resistance drawn from the Jul 27 high. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low. Initial support lies at 4257.75, the Nov 2 low.
  • EUROSTOXX 50 futures traded higher last week as the correction from recent lows extends. Price has traded through resistance at both the 20- and 50-day EMAs. The broader trend condition is bearish, however, a clear break of the 50-day average, at 4183.40, would signal scope for a stronger bull cycle and open 4256.00, the Oct 12 high. On the downside, key support and the bear trigger lies at 4001.0, the Oct 27 low. Initial support is at 4133.10, the 20-day EMA.
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