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Price Signal Summary - Equities Remain Vulnerable Despite Bounce

CROSS ASSET
  • In the equity space, S&P E-minis remains vulnerable despite Tuesday’s gains. The contract recently failed to hold above the 50-day EMA - at 4549.15. This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high. EUROSTOXX 50 futures remain vulnerable. Last week, the contract failed to hold above the 50-day EMA - at 4188.70. This average still represents a key resistance point where a clear break would suggest scope for a stronger recovery and open 4324.50, Jan 13 high.
  • In FX, EURUSD is recovering for a second session, narrowing the gap with next resistance at the Feb11 high of 1.1401. EURJPY has extended the bounce off recent lows, chewing further through the downtick posted on Friday. The bull trigger remains at 133.15, Feb 10 high, meaning rallies will target this level before shifting sights to 133.48 and above.
  • The Gold rally paused Tuesday, with prices drifting. Nonetheless, the recent clearance of resistance at $1853.9, the Jan 25 high reinforces the underlying bullish condition. The recent rally in WTI futures petered out on Tuesday. Nonetheless, the recent break higher resumed the bullish price sequence of higher highs and higher lows. Note too that corrections remain shallow and this both highlights and reinforces underlying bullish sentiment.
  • Bund futures are trading near its recent lows and remain in a clear downtrend. Moving average conditions are in a bear mode set-up too, highlighting current sentiment. The focus is on the 164.00 handle next. The trend condition in Gilt futures is unchanged and remains bearish. With the 120.00 psychological handle cleared, the focus is on 119.28 next, a Fibonacci projection.
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