OUTLOOK: Price Signal Summary - EUROSTOXX50 Futures Pierce Key Support
Jan-16 10:38
In the equity space, S&P E-Minis continue to trade above the Jan 5 low. 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 have today pierced the Jan 5 low of 4444.0. 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. However, a clear break of 4444.00 and 4450.00, the 50-day EMA, would undermine a bullish theme. This would open 4370.00, the Nov 28 low. For bulls, the trigger for a resumption of the uptrend is 4634.00, the Dec 14 high.