OUTLOOK: Price Signal Summary - Recovery in S&P E-Minis Appears Corrective
Apr-10 10:02
- In the equity space, a short-term reversal in S&P E-Minis yesterday highlights the start of what appears to be a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5548.37, the 20-day EMA. Resistance at the 50-day EMA is at 5755.62. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. First support to keep an eye on in the event of a resumption of bearish activity is 5180.38, the 50.0% retracement of the Apr 7 - 10 bounce.
- EUROSTOXX 50 futures have traded in an extremely volatile manner and yesterday rallied sharply higher from this week’s lows. The climb highlights the start of a corrective cycle and if this is correct, marks an unwinding of the recent oversold trend condition. Key resistance levels to watch are 5088.65, the 20-day EMA, and 5187.43, the 50-day EMA. Key support and the bear trigger has been defined at 4444.00, the Apr 7 low.
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