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Market News Topics
September 23, 2021 09:34 GMT
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.
To read the full story
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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.
Sign up now for free trial access to this content.
Please enter your details below.
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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