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Price Signal Summary - S&P E-Minis Remains Below The 50-Day EMA Key Resistance

OUTLOOK
  • In the equity space, S&P E-Minis trend signals remain bearish despite today’s gains. Price is trading below resistance at 3926.25, the 50-day EMA. A break of this average is required to signal scope for a stronger rally near-term. On the downside, a reversal lower would confirm a resumption of the downtrend - the focus is on 3778.45, the 61.8% retracement of the Oct 13 - Dec 13 uptrend.
  • EUROSTOXX 50 futures have traded higher today, resulting in a break of initial resistance at 3895.00, the Dec 22 high. Gains are considered corrective - for now - however, a continuation higher would expose key resistance and the bull trigger at 4043.00, the Dec 13 high. A reversal lower and a break of support at 3753.00, Dec 20 low, would resume the recent bear leg and open 3646.50 50% retracement of the Sep - Dec bull cycle.
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