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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MARKET INSIGHT
- In the equity space, S&P E-minis remain below recent lows. The contract has failed to confirm a clear break of the 50-day EMA and instead price has pulled away from recent highs. This highlights a bearish risk and attention is on the key support and bear trigger at 4260.00, Oct 1 low. A clear break of the 50-day EMA - at 4387.11 today - is required to signal scope for a stronger bounce. EUROSTOXX 50 futures are also trading below recent highs with the 50-day EMA, as resistance, at 4090.50 still intact. Key support to watch is unchanged at 3949.50, the Oct 6 low.
- In FX, EURUSD is consolidating and recent price action appears to be a bear flag. The outlook remains bearish and the focus is on 1.1493 next, 50.0% of the Mar '20 - Jan '21 bull phase. The pair remains within a broad bear channel. GBPUSD continues to trade closer to recent highs and remains in a range. Until a short-term reversal is confirmed, the near-term path of least resistance remains up. A resumption of strength would open the 50-day EMA at 1.3711. USDJPY remains firm following the recent strong impulsive rally. The pair has breached 113.41, a multi-year trendline drawn from the Dec 1975 high. This reinforces bullish conditions and opens vol band resistance at 114.13.
- On the commodity front, Gold continues to consolidate. A short-term pivot support has been defined at $1746.0, Oct 6 low. There is scope for short-term gains while this level remains intact. A break though would be bearish. WTI trend conditions remain bullish. The focus is on $82.89, 1.764 projection of the Aug 23 - Sep 2 - Sep 9 price swing.
- In the FI space, the primary trend is unchanged and remains down. Gains are considered corrective. Recent Bund weakness has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing
- Gilt futures remain heavy too and the current recovery is likely a correction. The focus is on 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.19, Oct 7 high.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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