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Price Signal Summary - S&P E-Minis Trend Needle Points North

OUTLOOK
  • In the equity space S&P E-Minis traded higher Monday, starting the week on a bullish note and confirming an extension of the recovery that started Oct 27. Recent gains have resulted in a break of a trendline drawn from the Jul 27 high. This reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. On the downside, initial firm support is seen at 4415.80, the 20-day EMA.
  • A short-term bull cycle in EUROSTOXX 50 futures remains intact. Price has recently cleared resistance at both the 20- and 50-day EMAs - a bullish development. Note that last Tuesday’s gains resulted in a breach of resistance at 4256.00, the Oct 12 high, reinforcing the bullish theme. The focus is on 4388.00, the Aug 30 high. Initial support lies at 4256.00, the Oct 12 high and a recent breakout level.
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