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Price Signal Summary - S&P E-Minis Tests Key Resistance

OUTLOOK
  • In the equity space, S&P E-Minis are trading at recent highs. The near-term outlook is bullish and a corrective cycle remains in play. This follows the recovery from 3502.00, the Oct 13 low. The focus is on 3820.00, Oct 5 high and a bull trigger. It has been pierced and a clear break of this hurdle would strengthen a bullish theme and open 3923.88, the 50.0% retracement of the Aug 16 - Oct 13 downleg. On the downside, key support is unchanged at 3502.00. Initial support to watch lies at 3641.50, Friday’s low.
  • The short-term condition in EUROSTOXX 50 futures is bullish and the contract is trading at its recent highs. The recovery from 3251.00, Oct 13 low, has resulted in a break of both the 50-day EMA and 3492.00, the Oct 6 high. Note that the contract has also cleared trendline resistance drawn from the Aug 17 high. The breach strengthens bullish conditions and opens 3585.00, the Sep 14 high. Initial firm support lies at 3418.00, the Oct 21 low.
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