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Price Signal Summary - S&P E-Minis Remain Below The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis are unchanged but still trading below recent highs and below the 50-day EMA that intersects at 4565.55 today. This average remains a key pivot resistance where a break is required to suggest scope for a stronger rally that would initially open 4671.75, the Jan 18 high. For bears, a resumption of weakness would refocus attention on 4212.75, the Jan 24 low and a key support. EUROSTOXX 50 futures remain vulnerable despite the recovery so far this week. The 50-day EMA - at 4200.10 continues to act as a firm resistance. The reversal lower from above the EMA suggests that recent gains between Jan 24 - Feb 2 have been a correction. If correct this highlights potential for a retest of 3990.50, the Jan 24 low and the bear trigger.
  • In FX, EURUSD is still trading closer to its recent highs. Last week’s bear channel breakout, drawn from the Jun 1, 2020 high, highlights a more significant bullish reversal. The focus is on 1.1483/84 next, the Jan 14 and Feb 4 high. A break would resume bullish activity. Support is seen at 1.1341, the former bear channel top. GBPUSD maintains its short-term bullish condition following last week’s gains. The focus is on 1.3662 next, Jan 20 high. Support lies at 1.3491/3435, Feb 7 and Feb 1 low. USDJPY remains above its key short-term support at 113.47, Jan 24 low. The outlook is bullish and the focus is on 116.35, Jan 4 high and a key resistance. Initial firm resistance is at 115.68, Jan 28 high. Initial support lies at 114.16, the Feb 2 low.
  • On the commodity front, Gold continues to trade above the recent low of $1780.4, Jan 28 low. Attention remains on the recent break of the bull channel base drawn off the Aug 9 low. A resumption of weakness would open $1753.6, the Dec 15 low. A stronger recovery however would expose key resistance at $1853.9, the Jan 25 high. WTI futures remain in a clear uptrend but appear to be correcting lower. The focus is on a climb towards $94.13 next, 2.618 projection of the Dec 2 - 9 - 20 price swing. Support is seen at $86.34, the Jan 31 low.
  • In the FI space, Bund futures remain vulnerable. The focus is on 165.24 next, the May 7, 2019 low (cont). Gilts remain under pressure and sights are on 120.43, 1.764 projection of the Jan 13 - 19 - 24 price swing.
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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