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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 traded higher yesterday. Price has recently cleared 5368.25, the May 23 high and bull trigger. The move confirmed a resumption of the uptrend. The continuation higher has resulted in a break of the 5400.00 handle. This opens 5462.77 next, the 2.236 projection of the Apr 19 - 29 - May 2 price swing. Initial support lies at 5322.72, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures remains bullish and the recent pullback 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. On the downside, support at 4947.00, the Jun 4 low, has been pierced. A clear break of it would be bearish and instead expose 4894.90, 61.8% of the Apr 19 - May 16 bull cycle.
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