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Price Signal Summary - S&P E-Minis Back Above The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis continue to recover from Monday sharp sell-off and the low of 4293.75. The contract is testing a key short-term resistance at 4418.00, Sep 20 high. A clear break would suggest the tide has turned and signal scope for a stronger recovery. Note too that the price is back above the 50-day day EMA and this is a positive development. EUROSTOXX 50 started the week on a bearish note but sentiment has shifted and the contract has reversed higher and is climbing today. Price is pressuring resistance at 4184.00, Jul 17 high where a break would open the key bull trigger at 4223.00, Sep 6 high.
  • In FX, EURUSD outlook remains bearish despite today's gains. Recent weakness suggests scope for a test and potential break of key support at 1.1664, Aug 20 low. GBPUSD outlook remains bearish. The next key support is at 1.3602, Aug 20 low. Note too that a triangle base intersects at 1.3633 and represents an important support. The triangle is drawn from the July 20 low. The base has been probed, a clear break would strengthen a bearish case. Recent gains in the USD Index (DXY) have exposed key resistance at 93.73, Aug 20 high and the bull trigger. A break would confirm a resumption of the uptrend that started May 25.
  • On the commodity front, the Gold near-term outlook remains bearish. The focus is on $1724.5, 76.4% retracement of the Aug 9 - Sep 3 rally. Resistance is at $1787.4, Sep 22 high. WTI futures maintain a bullish outlook. Tuesday's price pattern was a bullish doji candle, reinforcing the current utrend. Initial support is seen at $69.39, Sep 21 low. The focus is on $73.58, Jul 6 high and the bull trigger
  • In FI, Bund futures remain in a downtrend and recent weakness signals scope for a move towards 170.52, 3.00 projection of the Aug 5 - 11 - 17 price swing. Initial firm resistance is at 172.12, Sep 14 high. Gilt futures outlook remains bearish too. The focus is on 126.83, 2.00 projection of the Aug 20 - 26 - 31 price swing.
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsForeign Exchange Bullets
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsForeign Exchange Bullets

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