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US 10YR FUTURE TECHS

(Z1)‌‌ Remains Above Last Week’s Lows

COMMODITIES

Crude Bounces, But Well Shy of Friday Highs

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  • In the equity space, S&P E-minis are still in a clear uptrend and traded higher yesterday just short of the next objective at 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Scope is also seen for a break of the 4600.00 handle. EUROSTOXX 50 futures also rallied yesterday and the focus is on key resistance at 4223.00, Sep 6 high. This also represents the bull trigger and a break would confirm a resumption of the broader uptrend and open 4290.50, 1.00 projection of the Jul 19 - Sep 6 - Oct 6 price swing.
  • In FX, EURUSD continues to consolidate with a slightly weaker tone dominating for now. From a short-term perspective, scope exists for an extension higher with the focus on the 50-day EMA at 1.1687. A key resistance also resides at 1.1716, a bear channel top drawn off the Jun 1 high. Initial support lies at 1.1572, Oct 18 low. GBPUSD is off its recent highs however short-term bullish conditions remain intact and corrections so far have been shallow. The focus is on 1.3913, Sep 14 high and a key resistance. Support to watch is at 3713, the 20-day EMA. USDJPY maintains a bullish tone despite this morning's selling pressure. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is at 113.01, the 20-day EMA. A break is required to signal scope for a deeper corrective pullback.
  • On the commodity front, Gold spiked higher late last week and cleared $1800.6, Oct 14 high. Gains earlier this week highlight a short-term positive tone and attention is on $1834.0, the Sep 3 high. Key near-term support is at $1760.4, Oct 18 low. A break would alter the picture and instead suggest scope for a deeper pullback. WTI trend conditions are unchanged and remain bullish. $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing has been probed. The focus is on $86.00 next. A key support to watch, following this morning's pullback is at $80.78, Oct 20 low.
  • In the FI space, trend conditions remain bearish and short-term gains are considered corrective. Bund futures sights are on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance is at 169.92, Oct 14 high. Gilt futures path of least resistance remains down however a corrective bull cycle continues to play out this week. The next objective is 123.16, Feb 27, 2019 low (cont). Key resistance is unchanged at 125.27, the Oct 14 high.