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Price Signal Summary - Equity Space Remains Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-Minis reversed course Thursday having failed to clear resistance 4303.50, the Apr 26/28 high. The move lower reinforces underlying bearish conditions. Attention is Monday’s low of 4056.00 where a break would confirm a resumption of the downtrend and open 4000.00. EUROSTOXX 50 futures remain in a bear mode. The contract has traded lower today and probed support at 3608.00, the Apr 27 low. A clear break of this level would confirm a resumption of bearish activity and clear the path for a move towards 3551.60, 61.8% retracement of the Mar 7 - 29 rally. Initial resistance is at 3784.90, the 50-day EMA.
  • In FX, EURUSD remains in a downtrend. Recent price action appears to be a bear flag. A resumption of the downtrend would open 1.0454, the Jan 1 2017 low. Resistance is at 1.0695, the 20-day EMA. GBPUSD remains vulnerable following yesterday’s sharp sell-off that confirms a resumption of the primary downtrend. This signals scope for a move to 1.2252 next, the Jun 29 2020 low. USDJPY trend conditions are unchanged and the primary uptrend remains intact. The focus is on 131.96, the 1.00 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, Gold remains vulnerable, despite this week’s recovery. The recent pullback from the $1998.4 high (Apr 18), and the breach last week of $1890.2, the Mar 29 low, continues to highlight a bearish threat. Attention is on $1848.8, 76.4% of the Jan 28 - Mar 8 rally. On the upside, $1910.4, the 20-day EMA is seen as a firm short-term resistance. In the Oil space, WTI futures maintain this week’s bullish tone. Price has broken out of its triangle - to the upside - and this does strengthen the short-term condition for bulls. Attention is on resistance at $109.20, the Apr 18 high, that has been probed. A clear break would open $113.51, the Mar 24 high.
  • The trend direction in the FI space remains down. Bund futures are trading lower today as the downtrend extends. This signals scope for weakness towards 150.15 next, the 0.764 projection of the Mar 7 - 29 - Apr 4 price swing. The broader trend condition in Gilts remains bearish and price is trading below resistance at 119.79, the Apr 26 high. Attention is on the bear trigger at 117.22, the Apr 22 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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