MNI China Daily Summary: Wednesday, June 19

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Price Signal Summary - S&P E-Minis Have Breached Support At The 50-Day EMA

EQUITY TECHS
  • In the equity space, S&P E-Minis traded lower Thursday. This week’s move has resulted in a breach of both the 20- and 50-day EMAs. Furthermore, the contract has pierced a key support at 4068.75, the Apr 26 low. This highlights a bearish threat and a continuation lower would open 4022.75, the 50.0% retracement of the Mar 13 - May 1 bull leg. Key resistance is far off at 4206.25, the May 1 high.
  • A key short-term support in EUROSTOXX 50 futures at 4282.60 has been breached this week - the 20-day EMA. The recent move down is considered corrective, for now. A continuation lower would signal scope for a deeper pullback towards 4220.60, the 50-day EMA. On the upside, clearance of 4363.00, the Apr 21 high and bull trigger, would confirm a resumption of the uptrend.
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