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

OUTLOOK
  • In the equity space, the trend condition in {US} S&P E-Minis is bullish and Friday’s gains reinforce this set-up. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the primary uptrend. The move higher last week also confirmed a recent bull flag formation - a continuation signal - on the daily scale, further reinforcing bullish conditions. Sights are on 5668.00, a Fibonacci projection. Support is at 5516.51, the 20-day EMA. {EU} EUROSTOXX 50 futures traded higher last week. Attention is on resistance at 5039.84, the 61.8% retracement of the May 16 - Jun 14 sell-off. It has been pierced, a clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5082.32, the 76.4% retracement point. On the downside, a reversal would refocus attention on 4846.00, Apr 19 low and a key support.
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