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Price Signal Summary - S&P E-Minis Tests Resistance At The Base Of A Bull Channel

OUTLOOK
  • The E-mini S&P contract remains in a downtrend, however, yesterday’s gains highlights an extension of the current bull cycle. The contract is testing a key resistance at 4515.52 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4560.75, Aug 4 high. On the downside, the bear trigger lies at 4350.00, the Aug 18 low. A break would resume the downtrend.
  • A bearish trend condition in EUROSTOXX 50 futures traded higher yesterday as the contract extends the corrective recovery from 4187.00, the Aug 18 low. The contract has breached resistance at the 50-day EMA at 4330.7. A continuation higher would signal scope for a climb towards resistance at 4420.00. On the downside, a breach of 4187.00 would be a bearish development and confirm a resumption of bearish activity. Today’s move lower is potentially the start of a bearish reversal.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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