OUTLOOK: Price Signal Summary - EUROSTOXX50 Futures Bull Cycle Still In Play
Jan-13 11:03
In the equity space, the trend structure in S&P E-Minis remains bullish and Monday's fresh cycle high reinforces current conditions.The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 7036.74, the 0.764 projection of the Dec 18 - 26 - Jan 2 price swing. On the downside, initial support to watch lies at 6941.50, the 20-day EMA.
A bull cycle in EUROSTOXX 50 futures is intact and Monday’s cycle high and strong start to the week, reinforces the bull theme. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. The 6000.00 handle has been breached, signalling scope for 6086.99 next, a 1.236 projection of the Nov 21 - Dec 12 - 18 price swing. Initial firm support to watch is 5856.52, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.