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Market News Topics
March 08, 2022 10:47 GMT
Price Signal Summary - Equity Trend Needle Still Points South
MARKET INSIGHT
- In the equity space, the trend needle continues to point south. S&P E-minis failed to hold above the 20-day EMA last week. The EMA intersects at 4368.94 and remains an important near-term resistance. The failure to remain above this EMA is a bearish development and attention is on the Feb 24 low of 4101.75, where a break would confirm a resumption of this year's downtrend. EUROSTOXX 50 futures remain above yesterday’s low. The trend direction remains down and yesterday’s fresh cycle low confirmed a resumption of the downtrend. The contract has cleared the 61.8% retracement of the bull cycle between Mar ‘20 - Nov ‘21, at 3468.60. The focus is on 3379, Dec 21 2020 low.
- In FX, EURUSD remains in a downtrend and continues to appear vulnerable. The focus is on 1.0767 next, the May 7 2020 low. GBPUSD remains weak following yesterday’s breach of its key near-term support at 1.3163, the Dec 8 low. The break confirms a resumption of the downtrend. This opens 1.3058 next, 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. USDJPY key short-term support at 114.16, the Feb 2 low, remains intact. The trend outlook is bullish but a break of 116.35, this year’s high on Jan 4, is still required to confirm a resumption of the trend. The USD Index (DXY) remains in a clear uptrend. The next resistance to watch is the key retracement level at 99.74, 76.4% of the Mar ‘20 - Jan ‘21 downtrend. A break would expose the psychological 100.00 handle.
- On the commodity front, Gold has traded higher once again today and remains above the $2000.0 handle. Trend conditions remain bullish with the focus on $2030.0, the Aug 11 2020 high. Oil markets are volatile but remain in an uptrend. The move higher Monday in WTI suggests scope for a climb towards $132.75, 3.618 projection of the Aug - Oct - Dec ‘21 price swing.
- In the FI space, Bund futures remain in a short-term uptrend however the pullback from yesterday’s high of 168.67 has extended this morning. The contract has probed support at 165.51, Mar 3 low to suggest potential for a deeper pullback. Further weakness would open 164.39, Mar 1 low and the next key short-term support. Gilts remain below 126.81, the Mar 1 low. A resumption of recent gains would open 126.90, 2.00 projection of the Feb 16 - 18 - 23 price swing. Support is seen at 123.50, the Mar 1 low.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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