OUTLOOK: Price Signal Summary -S&P E-Minis Trend Needle Points South
Sep-11 10:29
- In the equity space, a bull cycle in {US} S&P E-Minis remains intact and the latest pullback has once again proved to be a shallow correction. The contract traded to a fresh cycle high on Wednesday, breaching the Sep 5 high of 6541.75. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on the 6600.00 handle next. Initial support to watch is 6469.93, the 20-day EMA .
- A corrective bear cycle in EUROSTOXX 50 futures remains in play. Recent weakness resulted in a breach of 5368.81, the 50-day EMA. A clear break of this average strengthens a short-term bearish threat and signals scope for a deeper retracement towards 5166.00, the Aug 1 low and a key support. On the upside, the contract has recovered above the 20-day EMA - a bullish development. A stronger reversal would open 5445.00, the Aug 26 high.
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- The Tech index (SX8P) is the worst performer, down 1.8%, and is now through the August low, but not much spillovers into the US Nasdaq.
- As mentioned on the European Open, while President Trump announced further delay in Tariffs against China for another 90 days, earlier headline that China was urging companies to avoid NVIDIA H20 Chips, is helping keep some pressure in Tech.
- Next support in SX8P comes at 777.00.
