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Price Signal Summary – Equities reinforce bullish S/T condition

MARKET INSIGHT
  • S&P E-Minis traded higher once again Friday. The climb reinforces short-term bullish conditions and the extension maintains the positive price sequence of higher highs and higher lows. EUROSTOXX 50 traded higher Friday to confirm a resumption of the current uptrend. The move higher maintains the bullish price sequence of higher highs and higher lows and attention is on resistance at 3840.00, the Jun 6 high.
  • EURUSD remains below last week’s 1.0368 high. The pullback highlights - for now - a failure to deliver a clear break of the bear channel resistance, currently at 1.0326. AUDUSD is holding on to the bulk of its recent gains. Last week’s break of 0.7047, Aug 1 high, confirmed a resumption of the uptrend that started Jul 14 and sets the scene for an extension. EURJPY remains below last Wednesday’s high of 138.40 and below the 50-day EMA. The recovery from 133.40, Aug 2 low, is likely a correction.
  • Gold maintains a firmer tone following last week’s climb above trendline resistance at $1794.6. The trendline is drawn from the Mar 8 high and the break represents an important technical breach plus highlights a stronger reversal of the 5-month downtrend. WTI futures traded higher late last week and cleared $92.65, the Aug 9 high. The 20-day EMA has also been pierced and this does suggest scope for a stronger near-term bounce, potentially towards the 50-day EMA, at $97.74.
  • Bund futures traded lower again Friday. The current retracement is still considered corrective and the short-term trend direction remains up. Moving average studies are in a bull mode condition and the bullish price sequence of higher highs and higher lows is intact. Gilt futures traded lower again Friday. Last week’s extension lower has resulted in a break of trendline support drawn from the Jun 16 low. The current pullback is still considered corrective and the trend outlook remains bullish.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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