MNI BRIEF: Japan June Core CPI Rises 2.6% Vs. May +2.5%

MNI BRIEF: Fed's Bowman Wants A More Effective Discount Window

MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

CLARIFY: JAPAN JUNE SERVICES PRICES +1.7% Y/Y; MAY +1.6%

MNI JAPAN JUNE CORE CPI +2.6% Y/Y; MAY +2.5%

MNI: UK JUL GFK CONSUMER CONFIDENCE INDEX -13

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Bearish Engulfing Reversal In WTI

OUTLOOK
  • In the equity space, S&P E-Minis resumed bearish activity Tuesday and confirmed an extension of the current downtrend. Attention is on 3902.01 next, the 61.8% retracement of the Jun 17 - Aug 16 upleg. On the upside, initial firm resistance has been defined at 4217.25, the Aug 26 high. A break would ease the current bearish pressure. First resistance is at 4110.75, the Aug 24 low. The EUROSTOXX 50 contract maintains a bearish tone and is trading lower today. This reinforces a bearish case and sights are set on 3526.00, 61.8% of the Jul 5 - Aug 17 rally. Clearance of this level would open the 3500.00 handle.
  • In FX, the EURUSD is consolidating. The trend direction remains down, following the recent breach of key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend and opens 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. Friday’s 1.0090 is the first resistance. The GBPUSD trend needle still points south and a continuation lower is likely near-term . The focus is on the 1.1600 handle. USDJPY is holding onto its recent gains and short-term conditions remain bullish. Monday’s climb resulted in a breach of resistance at 137.71, the Aug 22 high. The break opens 139.39, Jul 14 high and the trigger for a climb towards 140.00.
  • On the commodity front, Gold is softer today as the current bear cycle extends. The yellow metal has arrived at $1711.0, 76.4% retracement of the Jul 21 - Aug 10 upleg. A clear breach of this retracement would expose $1700.00. In the Oil space, WTI reversed course Tuesday and is trading lower today. The sharp sell-off threatens the recent bullish theme. A strong reversal pattern has appeared on the daily chart - a bearish engulfing candle. If correct, this pattern suggests potential for a strong sell-off near-term that would expose key support at $91.22, the Jul 14 low. Key resistance has been defined at $97.66, yesterday’s high,
  • In the FI space, Bund futures are weaker again today as the downtrend extends. The contract has cleared 147.94, 61.8% of the Jun 16 - Aug 2 bull leg. The break reinforces bearish conditions and opens 146.50, the Jun 30 low. Gilts are down sharply today as the bearish impulsive run continues. The breach of support yesterday at 108.94, Aug 24 low, confirmed a resumption of the downtrend and today’s weakness has delivered a print below the 108.00 handle. This has opened 107.36, 1.00 projection of the Aug 22 - 24 - 26 price swing.
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.