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Price Signal Summary - S&P E-Minis Structure Remains Bullish

OUTLOOK
  • In the equity space S&P E-Minis maintain a firmer tone. The contract traded sharply higher Tuesday, and is holding on to this week’s gains. Resistance at 4415.25, a trendline drawn from the Jul 27 high, has been cleared. This reinforces bullish conditions and signals scope for gains towards 4552.38, a Fibonacci retracement. On the downside, initial firm support is seen at 4387.01, the 20-day EMA.
  • A short-term bull cycle in EUROSTOXX 50 futures remains intact and the contract is trading higher today. Price has recently cleared resistance at both the 20- and 50-day EMAs - a bullish development. Note that Tuesday’s gains resulted in a breach of resistance at 4256.00, the Oct 12 high. The focus is on 4359.00, the Sep 15 high. A break would open 4388.00, the Aug 30 high. Initial firm support to watch is at 4190.30, the 20-day EMA.
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