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S&P E-Minis Rebound Off The 50-Day EMA

S&P E-minis started the week on a softer note but found support at Monday's low. Note that the contract has this week tested the 50-day EMA at 4239.07 and the average has so far provided support.

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S&P E-minis started the week on a softer note but found support at Monday's low. Recent weakness resulted in a break of 4279.25, Jul 8 low. This highlights a short-term trend top and suggests scope for a deeper corrective pullback. Note though that the contract has this week tested the 50-day EMA at 4239.07 and the average has so far provided support. If the average holds and price remains above 4224.00, this would represent a bullish signal.