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Price Signal Summary - S&P E-Minis Pierces Resistance At The 20-Day EMA

EQUITY TECHS
  • In the equity space, the short-term trend condition in S&P E-Minis remains bearish and recent gains appear to be a correction. A resumption of the bear leg would open 4907.57, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. The 20-day EMA, at 5124.14, has been pierced. A clear breach of this average and a continuation higher would instead signal a possible reversal and expose key resistance at 5333.50, Apr 1 high. Initial resistance to watch is 5192.16, 61.8% retracement of the Apr 1 - 19 bear leg.
  • EUROSTOXX 50 futures continue to trade above 4762.00, the Apr 19 low. On the upside, the contract recently traded through the 20-day EMA and resistance at 4990.00, the Apr 15 high. This highlights a potentially stronger reversal. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00, a break would be bearish. Initial support to watch is 4878.60, the 50-day EMA.
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