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Price Signal Summary - S&P Trend Needle Continues To Point North

EQUITY TECHS
  • In the equity space, S&P E-Minis continue to trade inside the recent range. The trend outlook remains bullish and the recent break of resistance at 4244.00, the Feb 2 high, reinforces current conditions. This confirmed a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). Initial support is at 4217.92, the 20-day EMA.
  • EUROSTOXX 50 futures are consolidating and price remains above 4216.00, the May 31 low and a key support. For now, the recent move higher appears to be a correction. The recent breach of support at 4252.00, the May 25 low, highlights a potential bearish threat. The contract has also pierced support at 4233.00, the May 4 low and a key short-term level. Resistance to watch is 4362.00, May 29 high. Clearance of this level would be bullish.
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