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Price Signal Summary - S&P E-Minis Key Support Remains Intact For Now

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis remains bullish. Near-term, the recent move down appears to be a correction and this is allowing an overbought signal to unwind. The contract has recently breached bull channel support drawn from the Jan 17 low. The next key support lies at the 50-day EMA, at 5159.12. A clear break of the EMA would signal scope for a deeper retracement. Key resistance is 5333.50, the Apr 1 high.
  • The primary uptrend in EUROSTOXX 50 futures are trading closer to their recent lows. A corrective cycle remains in play and the move down this month is allowing an overbought trend condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement. The next support lies at 4853.300, the 50-day EMA and marks the next key pivot level. The bull trigger and key resistance has been defined at 5079.00, Apr 2 high.
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