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

OUTLOOK
  • In the equity space, S&P E-Minis is unchanged and signals remain bullish with price trading closer to its recent highs. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting positive sentiment. Sights are on 5594.66, the 2.618 projection of the Apr 19 - 29 - May 2 price swing. Support to watch is 5480.29, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures remains bullish. The recovery from the Jun 14 low appears to be an early reversal signal highlighting the end of the May 16 - Jun 14 correction. Attention is on 5039.84, 61.8% of May 16-Jun 14 sell-off. Clearance of this level would be a positive development. For bears, 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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