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S&P E-Minis Pullback From Week Highs, Eurostoxx Futures Remain Bullish

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A bullish EUROSTOXX 50 futures outlook remains intact and the contract is trading closer to its recent highs. The break to fresh short-term trend highs this week confirms a resumption of the bull cycle that started Oct 3. This paves the way for continued gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. S&P E-Minis traded lower Wednesday. The contract is trading above 3704.25, Nov 3 low. A breach of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a break would signal scope for a continuation 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.


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A bullish EUROSTOXX 50 futures outlook remains intact and the contract is trading closer to its recent highs. The break to fresh short-term trend highs this week confirms a resumption of the bull cycle that started Oct 3. This paves the way for continued gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. S&P E-Minis traded lower Wednesday. The contract is trading above 3704.25, Nov 3 low. A breach of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a break would signal scope for a continuation 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.


Keep reading...Show less