EQUITY TECHS: Price Signal Summary - S&P E-Minis Trend Needle Continues To Point North
Feb-12 10:45By: Taso Anastasiou
- In the equity space, the trend condition in S&P E-Minis is unchanged and remains bullish - last week’s gains reinforce current conditions. The contract traded to a fresh cycle high again on Friday, confirming a resumption of the uptrend. Recent corrections have been shallow - this highlights a strong uptrend. The focus is on 5050.14, the 1.764 projection of Nov 10 - Dec 1 - 7 price swing. Initial key short-term support has been defined at 4866.00, the Jan 31 low.
- EUROSTOXX 50 futures traded higher again Friday delivering another fresh cycle high that confirms a resumption of the current uptrend. This reinforces bullish conditions and the importance of the recent break of a key resistance at the Dec 14 high of 4634.00. The clear breach of the 4700.00 handle paves the way for a climb towards 4753.50, 1.618 projection of the Nov 8 - 24 - 28 price swing. Initial firm support lies at 4629.10, the 20-day EMA.
