June 05, 2024 09:49 GMT
Price Signal Summary - S&P E-Minis Remain Above Last Week’s Low
OUTLOOK
- In the equity space, the uptrend in S&P E-Minis, remains intact, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The latest move down has seen price pierce support at the 50-day EMA, at 5219.79. A clear break of this average would signal scope for a deeper retracement. The recovery from last Friday’s low is a positive development, a continuation would open 5368.25, and a breach of this level resumes the trend.
- EUROSTOXX 50 futures traded lower Tuesday, extending the current bear cycle. The recent move down appears to be a correction, but note that support at the 50-day EMA, at 4966.80, has been pierced. A clear break of the average would undermine the short-term bullish theme and signal scope for a deeper retracement, towards 4894.90, 61.8% of the Apr 19 - May 16 bull cycle. Initial resistance is seen at 5047.00, the Jun 3 high.
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