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

OUTLOOK
  • In the equity space, S&P E-Minis have remained above the Jan 5 low and the contract traded higher last week. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, the 1.00 projection of Nov 10 - Dec 1 - 7 price swing. Support at the 20-day EMA of 4770.92 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4679.50.
  • EUROSTOXX 50 futures remain in consolidation mode. The primary trend direction is up and the recent move lower is considered corrective. MA studies are in a bull-mode position, signalling a rising trend cycle. Key S/T support is 4448.80, the 50-day EMA. A break of this average would signal scope for a deeper retracement and open 4370.00, the Nov 28 low. For bulls, the trigger for a resumption of the uptrend is 4634.00, the Dec 14 high.
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