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

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis The uptrend in S&P E-Minis remains intact and the contract is holding on to its latest gains. The recent climb has resulted in a break of a key resistance at 5333.50, the Apr 1 high. This confirms a resumption of the primary uptrend and opens 5372.73, the 1.764 projection of the Apr 19 - 29 - May 2 price swing. Initial support is at 5240.67, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact and the latest pullback appears to be a correction. Last week’s gains resulted in a break of key resistance at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. The initial support zone to watch is the area between 5017.20 to 4945.00, the 20- and 50- day EMA values.
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