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Price Signal Summary - Equity Bulls Return

MARKET INSIGHT
  • In the equity space, S&P E-minis rallied yesterday to reinstate a bullish tone. Attention is once again on key resistance and all-time high of 4735.00, Nov 22 high. The contract has remained above the 50-day EMA, at 4586.92. A break of 4735.00 would open the 4800.00 handle. EUROSTOXX 50 futures have rebounded from recent lows. A key short-term support has been defined at 4134.50, Dec 3 low. Further gains would open 4289.00, Dec 8 high where a break would reinstate the recent bullish theme and open 4311.70, 76.4% of the Nov 18 - 30 downleg.
  • In FX, EURUSD is firmer but remains below resistance at 1.1383, Nov 30 high. A break of this hurdle is required to signal potential for a stronger short-term recovery. Support levels to watch are; 1.1222, the Dec 15 low and 1.1186, Nov 24 low and the bear trigger. GBPUSD trend conditions remain bearish. Scope is seen for weakness towards 1.3135, the Dec 11 2020 low. 1.3308 is resistance, the 20-day EMA. A clear break of the EMA would signal scope for a stronger short-term bounce. USDJPY has broken out of its recent tight range and short-term conditions have improved for bulls. The bullish engulfing candle on Dec 6 is still in play and highlights a reversal from the recent low of 112.53 on Nov 30. The next objective is 114.38, 61.8% of the Nov 24 - 30 downleg. Support is at 113.23, Dec 10 / 13 low.
  • On the commodity front, Gold attempted yesterday to clear the base of its bull channel from the Aug 9 low. The base is at $1768.9 but key support has been defined at $1753.7, Wednesday’s low. The recovery has taken the yellow metal back into its recent range. Initial resistance to watch is $1794.5, Dec 1 high where a break would warn of a developing base and provide a bullish signal. The short-term trend outlook in WTI futures remains bullish. Support has been defined at $69.39, Dec 15 low. While this level remains intact, attention is on $73.34/74.12, the Dec 9 high and 50-day EMA.
  • In the FI space, Bund futures remain above the 20-day EMA, at 173.76 today. Last week’s high of 175.02 is the bull trigger where a break would confirm a resumption of the uptrend. A move below the 20-day EMA would threaten the trend and signal a reversal. The Gilts trend outlook remains bullish and short-term dips are considered corrective. The focus is on 128.00 next, the Aug 31 high. Initial support to watch lies at 126.67, Dec 10 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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