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Price Signal Summary – Bonds Near Cycle Lows at Year-End

CROSS ASSET
  • In the equity space, S&P E-minis hold the entirety of the rally triggered on Dec 20, as prices recovered off the 100-dma at 4537.57. The resulting alltime high at 4798.00 sits just below psychological resistance of 4800. EUROSTOXX 50 futures hold the bulk of the pre-Christmas rally, and have nicely narrowed the gap with the November highs posted at 4409.50. This marks a further improvement in the short-term bullish condition.
  • In FX, EURUSD is holding onto the bulk of recent gains. Price remains in a range though and is holding above initial support at 1.1222, the Dec 15 low. Key resistance at 1.1383 is also intact, Nov 30 high. A break of this hurdle is required to signal potential for a stronger recovery towards 1.1404 the 50-day EMA. USDJPY trades higher again early Thursday, extending the strength triggered by the breach of resistance at 114.26, Dec 15 high as well as 114.38, the 61.8% Fibonacci retracement of the Nov 24 - 30 downleg.
  • On the commodity front, Gold maintains a bullish focus and is approaching recent highs. The yellow metal is still showing signs of base building following the recent false break of the channel base drawn from the Aug 9 low. WTI futures are holding the sizeable Dec27 rally, putting prices at the best level since late November. The rally has so far stalled at the 76.4% retracement of the Oct-Dec downleg at $77.44, which becomes the next key upside level.
  • In the FI space, Bund futures trade lower into year-end, extending weakness through the 172.00 handle to touch new December lows headed into the new year. Support at the Nov26 and Nov24 lows has given way, putting prices at 171.31 - the lowest level since Nov04. On the resumption of trade, Gilt futures returned lower, printing new December lows at 124.35 as global bond markets sold off.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market NewsBond Market News

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