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Price Signal Summary - BTPs Extend Winning Streak

MARKET INSIGHT
  • In the equity space, S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. EUROSTOXX 50 futures traded firmly from the Monday open, keeping the bullish short-term theme intact. This follows the recent print above a key near-term resistance at 4101.50, Jul 1 high.
  • In FX, the USD is weaker. EURUSD traded higher Thursday and Friday to clear a former resistance at 1.1851, Jul 15 high. The extension has exposed the 50-day EMA at 1.1916. GBPUSD traded higher again Friday before fading into the close. The pair has cleared the 50-day EMA. The move above this average strengthens the current corrective recovery. USDJPY extended the slippage Tuesday, taking out first support to trade through the Y109 handle. A bearish focus dominates.
  • On the commodity front, Gold has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. The outlook is bullish and the recent pullback was considered corrective. Brent futures corrected lower still Tuesday, edging through the 50-day EMA support at 71.82. This prompts a further deterioration in the outlook, exposing losses toward levels not seen since mid-July.
  • Within FI, Bund futures rallied further Tuesday, extending the current winning streak to touch the best levels since early February. BTPs further cemented the uptrend, extending the gains to hit fresh alltime highs. A positive outlook follows the recent resumption of the uptrend that started May 19 - gains on Jul 6 and 7 resulted in a breach of a former key resistance at 152.47.
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