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MNI DAILY TECHNICAL ANALYSIS - Stocks Trend Remains Bearish

Price Signal Summary – Stocks Trend Remains Bearish

  • The trend condition in S&P E-Minis remains bearish and fresh cycle lows last week reinforced current conditions. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend. The medium-term trend direction in the Eurostoxx 50 futures contract remains up and the recent pullback is considered corrective - for now. However, note that support at the 50-day EMA, at 5314.94, has been pierced. 
  • GBPUSD is trading in a tight range and remains closer to its recent highs. The trend outlook is bullish - moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. The trend direction in USDJPY remains down and the latest recovery appears corrective. A fresh cycle low on Mar 11 strengthens a bearish theme. The move down resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. The bull cycle in USDCAD that started Feb 14 remains intact, and moving average studies reinforce this condition - they remain in a bull-mode position. A resumption of gains would signal scope for a test of the short-term bull trigger at 1.4543.  
  • A clear uptrend in Gold remains intact and last week’s move higher reinforces current conditions. The yellow metal traded to a fresh all-time high and price has also pierced the psychological $3000 handle. A bearish condition in WTI futures remains intact and the latest recovery appears corrective - for now. Recent weakness resulted in a breach of $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15.
  • Bund futures remain in consolidation mode for now. The contract is trading closer to its recent lows and a bearish theme remains intact. A recent impulsive sell-off signals scope for an extension towards 126.28 next. The short-term trend outlook in Gilt futures remains bearish. Recent gains appear corrective and the move lower last week, signals the end of the corrective cycle. Recent weakness resulted in a break of support at 91.79, the Feb 20 low.

FOREIGN EXCHANGE    

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Price Signal Summary – Stocks Trend Remains Bearish

  • The trend condition in S&P E-Minis remains bearish and fresh cycle lows last week reinforced current conditions. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend. The medium-term trend direction in the Eurostoxx 50 futures contract remains up and the recent pullback is considered corrective - for now. However, note that support at the 50-day EMA, at 5314.94, has been pierced. 
  • GBPUSD is trading in a tight range and remains closer to its recent highs. The trend outlook is bullish - moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. The trend direction in USDJPY remains down and the latest recovery appears corrective. A fresh cycle low on Mar 11 strengthens a bearish theme. The move down resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. The bull cycle in USDCAD that started Feb 14 remains intact, and moving average studies reinforce this condition - they remain in a bull-mode position. A resumption of gains would signal scope for a test of the short-term bull trigger at 1.4543.  
  • A clear uptrend in Gold remains intact and last week’s move higher reinforces current conditions. The yellow metal traded to a fresh all-time high and price has also pierced the psychological $3000 handle. A bearish condition in WTI futures remains intact and the latest recovery appears corrective - for now. Recent weakness resulted in a breach of $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15.
  • Bund futures remain in consolidation mode for now. The contract is trading closer to its recent lows and a bearish theme remains intact. A recent impulsive sell-off signals scope for an extension towards 126.28 next. The short-term trend outlook in Gilt futures remains bearish. Recent gains appear corrective and the move lower last week, signals the end of the corrective cycle. Recent weakness resulted in a break of support at 91.79, the Feb 20 low.

FOREIGN EXCHANGE    

Keep reading...Show less