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Price Signal Summary - S&P E-Minis Remain Below Recent Highs And Key Resistance

  • In the equity space, the E-mini S&P contract remains below 4634.50, last Thursday’s high. The pullback from this level highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4649.04 today. An extension lower would expose the 20-day EMA - at 4541.71 and a break of it would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.
  • EUROSTOXX 50 futures traded higher Monday and price has pierced the 4500.00 handle. This reinforces bullish conditions and confirms a resumption of the underlying uptrend. Last week’s break marked the end of a broad sideways move that started May 19 - a bullish development. Attention is on 4515.50 next, the Nov / Dec 2007 high (cont). Key S/T support has been defined at 4331.00, the Jul 26 low. A break of this level would be bearish. For now, pullbacks are considered corrective.

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