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- In the equity space, S&P E-minis recovered yesterday but it appears too early to determine whether this is a correction or the start of a recovery that resumes the uptrend. Attention remains on the key 50-day EMA at 4410.32. This average is an important support. Key resistance is unchanged at 4539.50, Sep 3 high. EUROSTOXX 50 futures continue to consolidate. The contract remains above 4132.50, Sep 9 low. A break of this support would expose 4078.00, Aug 19 low. The bull trigger is unchanged at 4252.00, Sep 6 high.
- In FX, EURUSD is trading lower this morning. Recent weakness highlights a short-term bearish theme and a stronger sell-off would open 1.1758 next, 61.8% of the Aug 20 - Sep 3 rally. Initial resistance is at 1.1851, Sep10 high. The key resistance remains 1.1909, Jul 30 and Sep 3 high. Recent activity in GBPUSD is consolidating. The pair has defined short-term directional parameters at; 1.3913 as resistance, Sep 14 high and support at 1.3727, Sep 8 low. A clear breach of either level would provide a clearer directional signal. The Yen is firmer. USDJPY has tested support at 109.11, Aug 16, Sep 15 low. A break would open the firmer support at 108.72, Aug 4 low. EURJPY is approaching 128.60, 76.4% of the Aug 19 - Sep 3 rally. A break would signal scope for a test of key support at 127.94, Aug 19 low.
- On the commodity front, Gold is trading lower this morning but remains in a range. Bulls need to see a break of $1834.1, Jul 15 high to confirm a resumption of gains. Support to watch is unchanged at $1774.5, Aug 19 low. A break would threaten a bull theme and signal scope for a deeper reversal. WTI futures maintain a bullish outlook. The contract has cleared $71.30, the bear channel top drawn from the Jul 6 high. This reinforces current bullish conditions and opens the primary resistance and bull trigger at $74.77, Jul 7 high.
- In FI, Bund futures remain vulnerable and the contract has traded lower today. Further downside is likely and scope is for 171.16 next, 2.50 projection of the Aug 5 - 11 - 17 price swing. Gilt futures remain in a bear mode following last week's breach of support at 128.03, the Jul 6 low (cont). The contract has also traded lower this week and the focus is on 127.39, 1.50 projection of the Aug 20 - 26 - 31 price swing.