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Market News Topics
February 22, 2022 11:03 GMT
Price Signal Summary - Equities Remain Bearish And Volatile
MARKET INSIGHT
- In the equity space, S&P E-minis remain vulnerable and a bearish threat remains present. Note though that price action is likely to trade in a volatile manner. The focus is on this year’s low of 4212.75, the Jan 24 low and the bear trigger. The 50-day EMA - at 4528.69 - marks the key resistance. EUROSTOXX 50 futures are recovering from today’s earlier low of 3874.00. The outlook remains bearish though and the clearance of a number of support levels this week highlight the current bearish threat. The focus is on 3844.00, May 13 2021 low (cont).
- In FX, EURUSD remains above a key short-term support at 1.1280, the Feb 14 low. The broader outlook is positive and while 1.1280 holds, attention is on the next resistance at the Feb16 high of 1.1396. A break of this level would improve the outlook for bulls and expose 1.1495, the Feb 10 high and bull trigger. GBPUSD maintains a bullish short-term tone despite the pullback from Monday’s high. A resumption of gains would open 1.3662 next, Jan 20 high. The support to watch lies at 1.3487, Feb 15 low. USDJPY has traded below its 50-day EMA - at 114.74 - but has so far found support below this average. The next key short-term support to watch is 114.16, the Feb 2 low. The area between 114.74-16 represents a firm zone. A resumption of strength would refocus attention on the 116.34/35 key resistance, the Feb 10 / Jan 4 highs.
- On the commodity front, Gold remains in an uptrend and maintains the current strong impulsive bull rally. Price is approaching the medium-term upside target of $1916.6, the Jun 1 2021 high and a key bull trigger. Note that the top of the bull channel drawn from the Aug 9 2021 low intersects at $1936.7. WTI futures remain in an uptrend and have rallied once again today. The contract has probed resistance at $95.82, Feb 14 high. This confirms a resumption of the uptrend and opens $98.24, 3.00 projection of the Dec 2 - 9 - 20 price swing.
- In the FI space, Bund futures remain vulnerable and recent gains are likely a correction. The 20-day EMA has been probed however levels above the average are providing resistance - the EMA intersects at 166.84 today. The bear trigger is 164.34, the Feb 16 low and a break would expose the 164.00 handle. Trendline resistance drawn off the Dec 20 high intersects at 167.54 today. The trend condition in Gilts remains down although a corrective cycle is still in play. Price has traded above the 20-day EMA and this suggests potential for a climb towards the 122.00 handle and the 50-day EMA at 122.64. The latter is a key resistance.
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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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
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