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Price Signal Summary - Equity Rebound Allows Oversold Condition To Unwind

MARKET INSIGHT
  • In the equity space, S&P E-minis sold off sharply Monday but recovered strongly from the day low. The contract is firmer today and back above 4400.00. This is allowing a recent oversold condition to unwind. Resistance to watch is at 4485.75, Dec 3 low and a recent breakout level. The bear trigger is Monday’s low of 4212.75. EUROSTOXX 50 futures are firmer this morning too as the contract recovers from Monday’s low of 3990.50. Resistance is seen 4215.50, Jan 24 high. Gains are considered corrective.
  • In FX, EURUSD is trading lower this morning and sights are on support at 1.1222, Dec 15 low. Moving average studies continue to highlight a downtrend. GBPUSD remains vulnerable. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs. This allows for a deeper unwinding of the bull rally between Dec 8 - Jan 13 and the focus is on 1.3456, 50.0% retracement of the Dec 8 - Jan 13 bull phase. USDJPY Monday probed support at 113.49, Jan 14 low. This cancels recent bullish signals and the doji candle reversal on Jan 14. A deeper pullback would open 113.14, Dec 17 low. Resistance is at 115.06, Jan 18 high.
  • On the commodity front, {O4} Gold maintains a positive tone. The metal traded higher yesterday to resume its uptrend and has cleared resistance at $1848.00, 76.4% of the Nov 16 - Dec 15 downleg. The focus is on $1871.0, Nov 18 low. WTI futures remain in an uptrend and the most recent pullback is still considered corrective. Key support to watch is at the 20-day EMA. It intersects at $80.83 today.
  • In the FI space, Bund futures traded higher Monday and probed key short-term resistance at 171.00, the Jan 13 high. A clear break of this hurdle would signal potential for a stronger short-term recovery and open the 50-day EMA at 171.60. A resumption of weakness would refocus attention on the bear trigger is 168.95, Jan 19 low. Gilts remain in a downtrend. Key short-term resistance is at 123.79, Jan 13 high where a break is required to highlight a short-term base. The bear trigger is unchanged at 121.93, Jan 19 low.
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