May 21, 2024 09:48 GMT
Price Signal Summary - S&P E-Minis Trend Needle Points North
OUTLOOK
- In the equity space, the uptrend in S&P E-Minis remains intact and the contract is holding on to its latest gains. Recent gains have resulted in a break of a key resistance at 5333.50, Apr 1 high. This confirms a resumption of the primary uptrend and signals scope for a climb to 5372.73, 1.764 projection of the Apr 19 - 29 - May 2 price swing. Moving average studies remain in a bull-mode set-up, highlighting a clear uptrend. Initial support is at 5229.67, the 20-day EMA.
- A bullish theme in EUROSTOXX 50 futures remains intact despite the latest pullback. 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 and maintain the price sequence of higher highs and higher lows. This opens 5127.70 next, 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. The initial support zone to watch is 5013.20/4940.50, the 20- and 50- day EMA values.
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