MNI BRIEF: Japan Dec Positive Real Wages Widen To 0.6%

MNI BRIEF: NZ Unemployment At 5.1% Over Q4

This is a test from mni

MNI CNB WATCH: Steer Means 25Bps Cut To 3.75% "Very Likely"

MNI BRIEF: US Treasury Lowers Q1 Borrowing Estimate By $9B

MNI BRIEF: Fed's Bostic In Wait And See Mode On Rates

EZ/UK T-Bill Calendar: 3/6/12-Month EU-Bills Auction Wednesday

EZ/UK Bond Supply Calendar: Green Gilt Auction on Wednesday

EZ/UK Bond Supply Calendar: Green Gilt Auction on Wednesday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI DAILY TECHNICAL ANALYSIS - Bearish Equity Threat Remains

Story
image

Price Signal Summary – Bearish Equity Threat Remains     

  • A bear threat in the S&P E-Minis contract remains present and Friday’s move lower highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00.
  • The trend structure in GBPUSD remains bearish and short-term gains are considered corrective. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next. Bullish conditions in USDJPY remain intact and the pair is trading at its recent highs. The breach of 156.75, the Nov 15 high and a bull trigger, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high.AUDUSD bears remain in the driver’s seat and the pair is trading closer to latest lows. Recent weakness maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too.
  • Gold traded sharply lower on Dec 18. That move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position. A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support.
  • The trend cycle in Bund futures remains bearish and Friday’s sharp sell-off reinforces current conditions. The contract has traded through 133.22, 61.8% of the Nov 6 - Dec 2 bull cycle. This paves the way for an extension towards key support at 132.00. A strong bearish theme in Gilt futures remains in play and Friday’s move low reinforces this condition. The breach of 91.87, the Dec 19 low, confirms a resumption of the downtrend. Sights are on 91.58 next, a 4.382 projection of the Dec 3 - 4 - 5 minor price swing.

FOREIGN EXCHANGE    

Keep reading...Show less
3146 words

To read the full story

Close

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.
image

Price Signal Summary – Bearish Equity Threat Remains     

  • A bear threat in the S&P E-Minis contract remains present and Friday’s move lower highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00.
  • The trend structure in GBPUSD remains bearish and short-term gains are considered corrective. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next. Bullish conditions in USDJPY remain intact and the pair is trading at its recent highs. The breach of 156.75, the Nov 15 high and a bull trigger, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high.AUDUSD bears remain in the driver’s seat and the pair is trading closer to latest lows. Recent weakness maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too.
  • Gold traded sharply lower on Dec 18. That move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position. A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support.
  • The trend cycle in Bund futures remains bearish and Friday’s sharp sell-off reinforces current conditions. The contract has traded through 133.22, 61.8% of the Nov 6 - Dec 2 bull cycle. This paves the way for an extension towards key support at 132.00. A strong bearish theme in Gilt futures remains in play and Friday’s move low reinforces this condition. The breach of 91.87, the Dec 19 low, confirms a resumption of the downtrend. Sights are on 91.58 next, a 4.382 projection of the Dec 3 - 4 - 5 minor price swing.

FOREIGN EXCHANGE    

Keep reading...Show less