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Price Signal Summary - All Eyes On The 50-Day EMA In The S-&P E-Mini

MARKET INSIGHT
  • In the equity space, S&P E-minis are firmer today following yesterday's recovery. Attention is on the 50-day EMA that intersects at 4390.91 today. This is an important short-term resistance and a clear break is required to signal scope for a stronger bounce. Key support and the bear trigger is at 4260.00, the Oct 1 low. The EUROSTOXX 50 contract bounced from yesterday's low. Resistance is at 4095.80, the 50-day EMA. The bear trigger is yesterday's low of 3949.50.
  • In FX, EURUSD remains bearish and yesterday resumed its downtrend, confirming a recent bear flag formation. The focus is on 1.1493 next, 50.0% of the Mar '20 - Jan '21 bull phase. GBPUSD remains vulnerable despite the recent strong corrective bounce. The pair reversed lower yesterday and short-term pivot resistance has been defined at 1.3648, Oct 5 high. The recent corrective pullback in USDJPY is holding above 110.82, Oct 4 low and the focus is on the bull trigger at 112.08, Sep 30 high. A break would confirm a resumption of the uptrend and open 112.23/40, the Feb 20 and 24 highs.
  • On the commodity front, Gold is consolidating. The yellow metal remains in a downtrend and attention is on the $1690.6, Aug 9 low and bear trigger. Note though that the Sep 30 price pattern is a bullish engulfing candle. This highlights the potential for a stronger corrective bounce and defines an initial support at $1721.7, Sep 29 low. A reversal higher would open $1787.4, Sep 22 high. WTI futures have reversed lower from yesterday's high of $79.78. The move lower is considered corrective. Next support to watch is $73.87, the 20-day EMA.
  • In the FI space, the primary trend remains down. Recent Bund futures weakness has exposed 169.01 next, 1.764 projection of the Sep 9 - 17 - 21 price swing. Resistance is seen at 170.55, Oct 4 high. Gilt futures remain heavy too despite yesterday's recovery. The focus is on 123.79, 1.764 projection of the Aug 31 - Sep 17 - 21 price swing.
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