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Price Signal Summary - S&P E-Minis Remain Vulnerable

OUTLOOK
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  • In the equity space, S&P E-Minis traded lower late last week and the contract started this week on a bearish note - Monday’s move lower marks an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low. Monday’s intraday high of 5345.50 marks initial resistance.
  • A bear threat in EUROSTOXX 50 futures remains present and the contract traded lower Monday having started the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, the 2.236 projection of the Jun 6 - 14 - Jul 12 price swing. Firm resistance is 4926.40, the 50-day EMA. First resistance is 46636.00, today’s intraday high.
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  • In the equity space, S&P E-Minis traded lower late last week and the contract started this week on a bearish note - Monday’s move lower marks an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low. Monday’s intraday high of 5345.50 marks initial resistance.
  • A bear threat in EUROSTOXX 50 futures remains present and the contract traded lower Monday having started the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, the 2.236 projection of the Jun 6 - 14 - Jul 12 price swing. Firm resistance is 4926.40, the 50-day EMA. First resistance is 46636.00, today’s intraday high.