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

OUTLOOK
  • In the equity space, the trend condition in S&P E-Minis is bullish and the contract traded to a fresh trend high once again Thursday. The continuation higher confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. Moving average studies are in a clear bull-mode set-up too and this continues to highlight positive market sentiment. Sights are on the 5713.31, a 3.236 projection of the Apr 19 - 29 - May 2 price swing. Firm support is at 5559.64, the 20-day EMA.
  • A bull cycle in EUROSTOXX 50 futures remains intact. Attention is on resistance at 5039.84, 61.8% of the May 16 - Jun 14 sell-off. It was pierced last week, a clear break of it would be a positive development and suggest scope for an extension of the bull cycle that started Jun 14. This would open 5082.32, the 76.4% retracement. A stronger reversal would instead expose 4846.00, the Apr 19 low and a key support.
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