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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.
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