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Price Signal Summary - Bond Futures Still Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-minis have recovered from recent lows but also remain below its recent highs. Attention is on the 50-day EMA that intersects at 4563.47 today and represents a key resistance. For bulls, a clear break of the EMA is required to suggest scope for a stronger rally that would open 4671.75 initially, Jan 18 high. Initial support to watch is 4438.50, the Feb 4 low. EUROSTOXX 50 futures have recovered from recent lows and attention is on the 50-day EMA. The contract breached this EMA last week - currently at 4196.90. It marks a key resistance point and a clear break would suggest scope for a stronger recovery towards 4324.50, Jan 13 high. A shift lower again though would refocus attention on 3990.50, Jan 24 low.
  • In FX, EURUSD is trading closer to its recent highs and the recent consolidation appears to be a bull flag, reinforcing bullish conditions. The focus is on 1.1483/84 next, the Jan 14 and Feb 4 high. A break would resume bullish activity. Support is seen at 1.1336, the former bear channel top. GBPUSD maintains its short-term bullish condition following last week’s gains. The focus is on 1.3662 next, Jan 20 high. Support lies at 1.3491/3435, Feb 7 and Feb 1 low. USDJPY trend conditions remain bullish. The pair has tested initial resistance at 115.67/68, 76.4% of the Jan 4 - 24 downleg and the Jan 28 high. Clearance of this hurdle would strengthen bullish conditions and signal scope for a climb towards 116.35, this year’s high on Jan 4 and the key bull trigger.
  • On the commodity front, Gold has continued to strengthen this week. The recovery has resulted in a break of initial resistance at $1822.2, the Jan 27 high. A continuation higher would expose the firmer resistance at $1853.9, Jan 25 high. A reversal lower would refocus attention on $1780.4, Jan 28 low. WTI futures remain in a clear uptrend however the contract appears to have entered a corrective cycle. The focus is on a climb towards $94.13 next, 2.618 projection of the Dec 2 - 9 - 20 price swing. Support to watch is at $86.34, the Jan 31 low.
  • In the FI space, Bund futures remain vulnerable and traded lower again yesterday. The focus is on 164.82, the May 3, 2019 low (cont). Gilts remain under pressure and traded to fresh trend low yesterday. Sights are on the 120.00 psychological handle.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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