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Price Signal Summary - Equities remain Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-minis traded sharply lower Friday and have remained under pressure this morning. The contract last week failed to hold above the 50-day EMA - at 4555.49 today. The Jan 10 candle pattern was a bearish engulfing reversal, signalling a potential top and the extension lower reinforces the pattern. A deeper pullback would expose 4212.75. EUROSTOXX 50 futures are sharply lower today, extending the reversal from last Thursday’s high. The failure to remain above the 50-day EMA reinforces a broader bearish threat and exposes support at 3990.50, Jan 24 low. A break of this level would open 3980.00, the Nov 30 2021 low.
  • In FX, EURUSD is trading lower this morning having reversed from last Thursday’s 1.1495 high. The pair has breached an important support at 1.1320 marking the top of a former bear channel drawn from the Jun 1, 2021 high. A continuation lower would expose 1.1267, the Feb 2 low. A break above 1.1495 is required to highlight a resumption of the recent upleg. GBPUSD maintains its short-term bullish theme although the pair is consolidating in a range. A resumption of gains would open 1.3662 next, Jan 20 high. Support to watch lies at 1.3491, Feb 7 low. USDJPY last week traded to a high just short of key resistance at 116.35, the Jan 4 high and bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend. Support to watch, with price trading lower, is at 114.62, the 50-day EMA.
  • On the commodity front, Gold rallied sharply higher Friday resulting in a clear breach of resistance at $1853.9, the Jan 25 high. The break reinforces current bullish conditions and suggests scope for a stronger climb within the bull channel drawn off the Aug 9 low. The focus is on $1877.2, Nov 16, 2021 low. WTI futures rallied Friday and have resumed their uptrend. The break higher also resumes the bullish price sequence of higher highs and higher lows. The focus is on $95.70 next, 2.764 projection of the Dec 2 - 9 - 20 price swing.
  • In the FI space, Bund futures remain vulnerable and the downtrend remains firmly intact. The focus is on the 164.00 handle. The Gilts trend needle still points south and attention is on 119.36, Oct 10, 2018 low (cont).
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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