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Price Signal Summary - Support To Watch In S&P E-Minis Is 3704.25

OUTLOOK
  • In the equity space, S&P E-Minis have traded lower but remain above last week’s low of 3704.25 (Nov 3). A break of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a breach would signal scope for an extension lower. For bulls, a stronger reversal higher and more importantly, a breach of 3928.00, the Nov 1 high, is required to confirm a resumption of the recent bull theme. This would open 3981.25, the Sep 14 high.
  • A bullish EUROSTOXX 50 futures theme remains intact and recent gains confirm an extension of the bull cycle that started Oct 3. This has paved the way for a move towards the next key resistance at 3810.00, Aug 17 high. Firm support is seen at the 50-day EMA. The average intersects at 3542.00.

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