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Price Signal Summary - Equities on the Backfoot

MARKET INSIGHT
  • In the equity space, S&P E-minis are running against the previously strong bullish tone, slipping below the Tuesday low in early trade. Bulls need the dominant buy-the-dip strategy to return to keep focus on round number resistance at 4400.00. Watch support at 4270.00, the 20-day EMA. EUROSTOXX 50 (U1) futures have sold off this morning. The contract has cleared 4015.00, Jun 21 low. The break lower strengthens a bearish case and reinforces the bearish engulfing candle reversal on Jun 21. This opens 3914.00, the May 20 low.
  • In FX, the USD outlook remains bullish. EURUSD traded lower yesterday and cleared the recent lows of 1.1807/8. This confirms an extension of the downtrend and opens 1.1704, Mar 31 low. This morning's gains are considered corrective. The GBPUSD focus is on 1.3733, Jul 2 low that would open 1.3717, Apr 16 low. Resistance is at 1.3898, the weekly high. This week's bout of risk-off has worked against USDJPY. Today's move lower has resulted in a test of the 50-day EMA at 109.88. A clear break would expose the Jun 21 low at 109.72 and 109.19/14, the Jun 7 low and the 100-dma.
  • On the commodity front, Gold maintains a firmer tone. Attention is on the 50-day EMA that intersects at $1814.6. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline. Brent (U1) continues to trade lower with the focus on $71.24, the Jun 17 low. WTI (Q1) has cleared its 20-day EMA and attention turns to $69.54, Jun 17 low.
  • Within FI, Bund futures are stronger having cleared resistance at 173.16, Jun 11 high. Scope is for a climb to 174.97 next, Mar 3 high (cont). Gilt futures have topped key resistance at 128.39, Jun 11 high, strengthening the bullish case. This has opened 129.99, the Feb 24 high (cont).
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

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