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Market News Topics
September 29, 2021 09:40 GMT
Price Signal Summary - Bond Market Reprieve
MARKET INSIGHT
- In the equity space, S&P E-minis sold off sharply yesterday and are trading below the 50-day EMA once again - the average intersects at 4407.78 and represents initial resistance. A deeper sell-off would highlight the risk of a pullback towards key support at 4293.75, Sep 20 low. EUROSTOXX 50 futures have also pulled away from recent highs. A deeper pullback would expose the key support at 3974.00, Sep 20 low. 4115.40, the 50-day EMA represents initial resistance.
- In FX, EURUSD remains in a downtrend. The pair has probed resistance at 1.1664, Aug 20 low. A clear break would confirm a resumption of the broader downtrend and open 1.1621, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. GBPUSD remains under pressure following yesterday's sell-off. The focus is on 1.3462, 50.0% retracement of the Sep '20 - Jan bull phase. USDJPY has traded through 110.80, Aug 11 high this week and has today probed key resistance at 111.66, Jul 2 high and the bull trigger. A clear break would strengthen a bull case and open 112.23, Feb 20, 2020 high. The USD Index (DXY) key resistance at 93.73, Aug 20 high has been breached. The break confirms a resumption of the uptrend that started May 25 and reinforces the general bullish USD theme.
- On the commodity front, the Gold traded lower yesterday and the trend needle still points south. The focus is on $1742.5, 76.4% of the Aug 9 - Sep 3 rally. WTI futures have pulled away from yesterday's high of $76.67. Dips are considered corrective and firm support is seen at $73.58, Jul 6 high and a recent breakout level.
- In FI, Bund futures remain in a clear downtrend with the focus on 169.46 next, 1.50 projection of the Sep 9 - 17 - 21 price swing. Short-term gains are considered corrective. Gilt futures remain heavy despite the rebound from yesterday's low of 124.84. Resistance is seen at 126.44, Sep 24 high. Treasuries remain in a downtrend. Scope is seen for weakness towards 131-03+, Jun 25 low. Gains are also considered corrective.
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
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