S&P E-Minis have traded higher this week. The recovery undermines a recent bearish threat and attention turns to the next resistance at 6162.25, the Jan 24 high. Clearance of this level would expose key resistance at 6178.75, the Dec 6 ‘24 high. A move above this hurdle would resume the primary uptrend. On the downside, initial key support has been defined at 6014.00, the Feb 10 low. A break would be viewed as a bearish development.
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Estox 50: +0.36%, Dax: +0.29%, CAC: +0.33%, FTSE +0.52%, SMI +0.29%.
The trend set-up in USDCAD remains bullish and short-term weakness is considered corrective. The latest pause in the uptrend still appears to be a flag formation - a bullish continuation signal. Note too that MA studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4348, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4203, the 50-day EMA.