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MNI DAILY TECHNICAL ANALYSIS - Bear Threat in Stocks Remains

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MNI (LONDON) - Price Signal Summary – Bear Threat in Stocks Remains Present

  • S&P E-Minis traded lower Monday, starting this week on a bearish note, confirming an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next. A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Monday having starting the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low.
  • GBPUSD remains in bear-mode condition and is trading at its recent lows. The move down this month has resulted in a break of the 50-day EMA and a breach of a trendline at 1.2783, drawn from the Apr 22 low. USDJPY remains bearish and the recent impulsive sell-off has reinforced this condition. The move down paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. A bearish theme is AUDUSD remains intact. The pair initially traded sharply lower Monday, before finding support. Price action is volatile and continues to recover. Monday’s low print highlights a test of key support at 0.6463, the Apr 19 low. 
  • Recent weakness in Gold appears to be a correction. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2375.6. A clear break of this EMA would signal scope for a deeper retracement towards $2277.4. A bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend, before recovering. Sights are on the next key support at $72.23, the Jun 4 low.
  • A bull cycle in Bund futures remains in play and recent gains reinforce the current trend condition. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. MA studies are in a bull-mode position. Gilt futures traded higher last week, marking a confirmation of the uptrend that started May 29. Monday's high reinforces current conditions. Note that 99.23, the Jun 21 peak, has been cleared. Scope is seen for a climb towards 101.78, a Fibonacci projection point.

FOREIGN EXCHANGE

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MNI (LONDON) - Price Signal Summary – Bear Threat in Stocks Remains Present

  • S&P E-Minis traded lower Monday, starting this week on a bearish note, confirming an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next. A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Monday having starting the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low.
  • GBPUSD remains in bear-mode condition and is trading at its recent lows. The move down this month has resulted in a break of the 50-day EMA and a breach of a trendline at 1.2783, drawn from the Apr 22 low. USDJPY remains bearish and the recent impulsive sell-off has reinforced this condition. The move down paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. A bearish theme is AUDUSD remains intact. The pair initially traded sharply lower Monday, before finding support. Price action is volatile and continues to recover. Monday’s low print highlights a test of key support at 0.6463, the Apr 19 low. 
  • Recent weakness in Gold appears to be a correction. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2375.6. A clear break of this EMA would signal scope for a deeper retracement towards $2277.4. A bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend, before recovering. Sights are on the next key support at $72.23, the Jun 4 low.
  • A bull cycle in Bund futures remains in play and recent gains reinforce the current trend condition. 133.21, the Jun 14 high, was cleared on Jul 29, confirming a resumption of the uptrend. MA studies are in a bull-mode position. Gilt futures traded higher last week, marking a confirmation of the uptrend that started May 29. Monday's high reinforces current conditions. Note that 99.23, the Jun 21 peak, has been cleared. Scope is seen for a climb towards 101.78, a Fibonacci projection point.

FOREIGN EXCHANGE

Keep reading...Show less