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Price Signal Summary - S&P E-Minis Pull Back Considered Corrective

OUTLOOK
  • In the equity space, a bull theme in S&P E-Minis remains intact and this week’s pullback appears to be a correction. This is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA which intersects at 4356.07. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4500.21, the top of a bull channel.
  • The EUROSTOXX 50 futures uptrend remains intact, however, a bearish corrective cycle this week has resulted in a correction. The contract has pierced support at 4301.00, the Jun 8 low. This is a key short-term support and a clear break would signal scope for a deeper retracement, exposing 4241.00, the May 31 low and a key support. Key resistance and the bull trigger has been defined at 4438.00, the Jun 16 high.

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