OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points North
Jul-10 10:00
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract is trading closer to its recent highs. Resistance at 6128.75, the Jun 11 high, has recently been breached. The break confirmed a resumption of the uptrend that started Apr 7. This was followed by a breach of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a 1.236 projection of the May 23 - Jun 11 - 23 price swing. Key support is at the 50-day EMA, at 6032.93. First support lies at 6176.77. The 20-day EMA.
- EUROSTOXX 50 futures have traded higher this week as the contract extends the recovery that started Jun 23. This exposed key resistance and the bull trigger at 5486.00, the May 20 high. It has been pierced, a clear break would confirm a resumption of the medium-term bull cycle that began Apr 7, and would open the 5500.00 handle. On the downside key support has been defined at 5194.00, the Jun 23 low. Initial support lies at 5344.38, the 20-day EMA.
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