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Price Signal Summary - S&P E-Minis Trades Lower And Resumes Its Bear Cycle

OUTLOOK
  • In the equity space, the S&P E-Minis trend conditions remain bearish and the contract is trading lower today. Price remains below the 50-day EMA, at 4020.29 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. Resistance to watch is at the 50-day EMA and 4038.61, the 20-day EMA. Note that a clear break of both the 50- and 20-day EMAs would signal a possible reversal.
  • EUROSTOXX 50 futures remain above last Friday’s low of 4175.00. Key support to watch is 4193.20, the base of a bull channel drawn from the Oct 13 low - it has been pierced. While channel support holds, the broader uptrend remains intact and a resumption of gains would expose the bull trigger at 4323.00, Feb 16 high. A break of this hurdle would resume the broader uptrend. On the downside, a breach of the channel base would alter the picture.
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