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Price Signal Summary - Support In EURSOSTOXX 50 Futures Remains Intact For Now

OUTLOOK
  • In the equity space, the uptrend in S&P E-Minis remains intact and the pullback last Thursday appears to have been a correction. The contract also traded to a fresh cycle high that day, reinforcing a bullish theme. Recent gains have also resulted in a break of 5333.50, Apr 1 high. This confirmed a resumption of the primary uptrend and has opened 5372.73, a 1.764 projection of the Apr 19 - 29 - May 2 price swing. Initial support is 5265.28, the 20-day EMA.
  • The trend condition in EUROSTOXX 50 futures are trading lower today. The trend condition remains bullish and a pullback appears to be a correction. The contract has recently cleared a key hurdle at 5079.00, the Apr 2 high, to confirm a resumption of the uptrend. This opens 5127.70 next, the 1.382 projection of the Jan 17 - Feb 12 - 13 price swing. Support at the 20-day EMA has been pierced. The next level to watch is 4962.80, the 50-day EMA.
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