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

  • In the equity space, a bullish theme in S&P E-Minis remains intact and last Friday’s push higher was a positive development. The contract is trading closer to its recent highs and so far, corrections have been shallow - a bullish signal. Note too that MA studies are in a bull-mode position and this highlights positive market sentiment. A resumption of gains would signal scope for a climb towards 4644.75, the Aug 2 high. Initial support lies at 4514.74, the 20-day EMA.
  • A bullish theme in EUROSTOXX 50 futures remains intact. and the contract is trading higher this week. Last week, resistance at 4387.00, Nov 24 high, was breached. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4533.00, the Jul 31 high. Initial firm support to watch is at 4340.50, the 20-day EMA.

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