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Price Signal Summary - Equities Remain Above Support

MARKET INSIGHT
  • In the equity space, S&P E-minis remain below Tuesday's high print of 4179.50. Futures have also tested the 50-day EMA and the average continues to provide support. Last week's low of 4029.25 marks the key short-term support. The outlook remains bullish.
  • In the FX space, EURUSD traded higher this week and probed key resistance at 1.2243, Feb 25 high. An extension of gains would open 1.2285, Jan 8 high. GBPUSD remains bullish. Attention is on 1.4237, Feb 24 high and this year's high. USDJPY support has been defined at 108.34, May 7 low. A bullish theme remains intact while support holds and attention is on 109.79, May 13 high. A break of 108.34 however would highlight a trendline break drawn off the Jan 6 low and risk a deeper pullback.
  • On the commodity front, Gold remains bullish. The focus is on $1892.7, 76.4% retracement of the Jan 6 - Mar 8 sell-off. Oil has entered a corrective cycle. Brent (N1) has breached its 50-day EMA. The focus is on support at $63.93 Apr 26 low. WTI is softer. The focus is on $60.61, Apr 22 low.
  • In the FI space, Bunds (M1) traded lower Wednesday and cleared support at 168.59, May 13 low. This confirms a resumption of the underlying downtrend and opens 168.09, 0.764 projection of the Jan 27 - Feb 25 - Mar 25 price swing. Near-term risk in Gilts (M1) is still skewed to the downside. The key support and bear trigger is 126.79, Mar 18 low.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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