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Price Signal Summary - S&P E-Minis Tests Resistance At The 50-Day EMA

OUTLOOK
  • In the equity space, S&P E-Minis trend signals remain bearish and the contract continues to trade in a range. However, key resistance at 3917.50, the 50-day EMA, has been pierced. A clear break of this hurdle is required to suggest potential for a stronger recovery and highlight a possible reversal that would open 4000.00. On the downside, a break lower would confirm a resumption of the downtrend - the bear trigger is 3788.50, the Dec 22 low.
  • EUROSTOXX 50 futures have pierced resistance at 4043.00, the Dec 13 high and a bull trigger. A clear breach of this hurdle would represent a key short-term bullish development and pave the way for gains towards the 4100.00 handle. Moving average studies are in a bull-mode condition, reinforcing the current positive trend condition. Initial support lies at 3894.60, the 20-day EMA.
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