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Price Signal Summary - S&P E-Minis Market Sentiment Remains Bullish

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis is unchanged and remains bullish - this week’s gains reinforce current conditions. The contract has traded to a fresh cycle high, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on 5050.14, 1.764 projection of Nov 10 - Dec 1 - 7 price swing. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.
  • EUROSTOXX 50 futures traded higher again yesterday delivering another fresh cycle high that confirms a resumption of the current uptrend. This reinforces the bullish importance of the recent break of a key resistance at the Dec 14 high of 4634.00. The clear breach of the 4700.00 handle paves the way for a climb towards 4753.50, 1.618 projection of the Nov 8 - 24 - 28 price swing. Initial firm support lies at 4618.30, the 20-day EMA.

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