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Price Signal Summary - Equity Space Sentiment Remains Bullish

MARKET INSIGHT
  • In the equity space, the uptrend in the S&P E-minis remains intact and underlying sentiment is still clearly bullish. The focus is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. The EUROSTOXX 50 futures trend needle continues to point north. The focus is on 4371.00, 1.236 projection of Jul 19-Sep 6-Oct 6 2020 swing (cont)
  • In FX, EURUSD traded below support at 1.1524 Friday, the Oct 12 low. This reinforces the current bearish theme and signals a resumption of the downtrend within its bear channel drawn from the Jun 1 high. The focus is on1.1493, 50.0% retracement of the Mar '20 - Jan '21 bull phase. GBPUSD remains vulnerable following last week's bearish pressure. The pullback has exposed the next key support at 1.3412, Sep 29 low. Thursday's strong rally in EURGBP and Friday's gains have exposed 0.8598, 76.4% retracement of the Sep 29 - Oct 26 sell-off and 0.8658 further out, Sep 29 high. USDJPY remains below recent highs but above support at 113.00, the Oct 12 low. A break of the support would signal scope for a deeper pullback. The trend for now remains up and the bull trigger is at 114.70, Oct 20 high.
  • On the commodity front, Gold reversed course Thursday and ended last week on a firm note. The turnaround reinstates a bullish theme and opens $1834.0, Sep 3 high. Last week's sell-off in WTI resulted in a breach of $80.58, Oct 28 low and the contract cleared the 20-day EMA. Despite the most recent recovery, the 50-day EMA at $77.33 remains exposed. Key resistance has been defined at $85.41, Oct 25 high. The initial resistance to watch is $83.42, high Nov 4.
  • In the FI space, short-term gains in Bund futures traded higher last week and breached former resistance at 169.83, Oct 27 high. Note too that futures have also cleared the 50-day EMA. This opens 171.95, 61.8% of the Aug - Nov sell-off. Gilts maintain a firmer tone and the recent double bottom reversal continues to play out. The focus is on 127.69 next, Sep 21 high.
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