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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 this week’s gains reinforce this set-up. The contract has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next. On the downside, key short-term support has been defined at 5205.50, the May 31 low.
  • Recent weakness in EUROSTOXX 50 futures appears to have been a correction. The recovery from 4947.00, the Jun 4 low, signals the end of the corrective cycle and attention is on key resistance and the bull trigger at 5110.00, the May 16 high. Clearance of this level would confirm a resumption of the uptrend. Key support is 4947.00.
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