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Price Signal Summary - S&P E-Minis Trend Needle Continues To Point North

OUTLOOK
  • In the equity space, S&P E-Minis traded higher last week. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on 4494.20, the top of a bull channel drawn from the Oct 2022 low (cont). Initial support is at 4381.75, the Jun 13 low. A firmer support lies at 4332.90, the 20-day EMA. Pullbacks are considered corrective. EUROSTOXX 50 futures traded higher last week. Resistance at 4380.00, May 29 high, was cleared and key resistance at 4434.00, May 19 high, has been pierced. A clear break of this hurdle would represent an important bullish development and open 4448.00, Jan 2008 high (cont). MA studies remain in bull-mode condition highlighting an uptrend. Initial firm support to watch is 4303.00, Jun 7 low. The latest pullback is considered corrective.
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