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

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis is unchanged and signals remain bullish with the contract trading closer to its recent highs. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position too, highlighting positive market sentiment. Sights are on 5594.66 next, the 2.618 projection of the Apr 19 - 29 - May 2 price swing. Initial support to watch lies at 5465.99, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures remains bullish. The recovery from the Jun 14 low is potentially an early reversal signal highlighting the end of the May 16 - Jun 14 correction. Resistance to watch is at 5039.84, 61.8% of May 16-Jun 14 sell-off. Clearance of this level would be a positive development. A reversal lower would signal a resumption of the bearish corrective cycle. This would open 4846.00, the Apr 19 low and a key support.
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