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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 the contract is holding on to its recent gains. Price has traded above 5368.25, the May 23 high and bull trigger. The move confirms a resumption of the uptrend and signals scope for a climb towards the 5400.00 handle next. Key short-term support has been defined at 5205.50, the May 31 low. Initial support lies at 5304.08, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures is bullish and short-term weakness is considered corrective. A resumption of gains would refocus attention 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. Support to watch lies at 4947.00, the Jun 4 low.
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