MNI BRIEF: Fed's Daly Says No 'Urgency' To Lower Rates

MNI BRIEF: Powell Says US Is 'Far' From Fiscal Dominance

MNI BRIEF: US Firms Wary of Tariff-Related Inflation - Fed

MNI NBP WATCH: Rates Held, Outlook Unchanged

MNI BRIEF: Barkin Aims For 'Somewhat Restrictive' Fed Rates

MNI China Daily Summary: Wednesday, Dec 4

MNI:AUSTRALIA OCT TRADE BALANCE A$+5953

EZ/UK Bond Supply Calendar: Spain, France Auction, UK Tender

US EIA: CRUDE OIL STOCKS EX SPR -5.07M TO 423.4M NOV 29 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Equities Head South

MARKET INSIGHT
  • In the equity space, S&P E-minis remain vulnerable and the contract is under pressure once again today. 4383.85, 76.4% retracement of the Oct 2021 - Jan rally has been breached. A clear break would reinforce the current bearish threat and open 4311.00, the Oct 12 low. EUROSTOXX 50 futures are sliding once again and have traded through 4161.80, 61.8% retracement of the Dec 20 - Jan 5 recovery. This opens 4109.90, the 76.4% retracement.
  • In FX, EURUSD is consolidating. The move lower last week highlights the fact that the recent range and bear channel breakouts have failed to deliver a bullish reversal - a false technical break. Further weakness would expose 1.1272, the Jan 4 low. GBPUSD remains offered and has traded through both the 20- and 50-day EMAs. This signals scope for a deeper unwinding of the bull rally between Dec 8 - Jan 13. The focus is on 1.3456, 50.0% retracement of the Dec 8 - Jan 13 bull phase. USDJPY has probed key short-term support at 113.49. This threatens the recent bullish reversal signals and instead highlights potential for a deeper retracement towards 113.14 next, Dec 7 low. Key short-term resistance has been defined at 115.06, Jan 18 high.
  • On the commodity front, Gold traded sharply higher last Wednesday. This resulted in a break of resistance at $1831.9, Jan 3 high and a bull trigger. The outlook is bullish and attention is on $1848.0 next, 76.4% retracement of the Nov 16 - Dec 15 downleg. WTI futures remain in an uptrend and the most recent pullback is likely a correction. Key support to watch is at Friday’s low of $82.78. A break would signal scope for a deeper retracement.
  • In the FI space, Bund futures remain in a downtrend and short-term gains are still considered corrective. Key short-term resistance to watch is at 171.00, Jan 13 high. The bear trigger is 168.95, Jan 19 low. Gilts remain in a downtrend too. Key short-term resistance has been defined at 123.79, Jan 13 high where a break is required to highlight a short-term base. The bear trigger is 121.93, Jan 19 low.
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

To read the full story

Close

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.