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Price Signal Summary - S&P E-Minis Tests Resistance At The 20-Day EMA

OUTLOOK
  • In the equity space, the short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears to be a correction. A resumption of the bear leg would open 4907.57, 50.0% of the Oct 27 ‘23 - Apr 1 bull leg. Firm resistance at 5139.03, the 20-day EMA, has been pierced, a clear break would instead signal a reversal and expose key resistance at 5333.50, the Apr 1 high.
  • EUROSTOXX 50 futures are holding on to their recent gains from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, the Apr 15 high. This continues to highlight a potentially stronger reversal and the end of the correction between Apr 2 - 19. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Initial support to watch is 4877.40, the 50-day EMA.
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