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Price Signal Summary - S&P E-Minis Remain Above The 50-Day EMA - For Now

OUTLOOK
  • In the equity space, the S&P E-Minis traded lower Wednesday and this resulted in a test of the 50-day EMA at 4125.79. A clear break of this average would highlight a stronger short-term reversal and expose 4062.25, the May 4 low and a key support. Price did recover yesterday. A continuation higher would refocus attention on initial key resistance at 4227.25, the May 19 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
  • EUROSTOXX 50 futures have traded lower this week and the contract remains soft - for now. The 50-day EMA, at 4266.60, has been pierced and this signals scope for weakness towards 4233.00, the May 4 low and a key short-term support. A break of this level would strengthen bearish conditions. On the upside the bull trigger is at 4409.50, the Nov 18 2021 high (cont) and a major resistance.
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