MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: German Insolvency Rate Slows, 2025 Pickup Expected

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: US REDBOOK: DEC STORE SALES +4.2% V YR AGO MO

US Q3 REV NONFARM PRODUCTIVITY +2.2%; Y/Y +2.0%

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - FI Bear’s Still In The Driver’s Seat

OUTLOOK
  • In the equity space, a short-term corrective cycle in S&P E-Minis, remains in play. The contract is trading higher and extending yesterday’s gains. The focus is on 4175.47, 61.8% retracement of the Aug 16 - Sep 7 bear leg. Initial support is seen at 4022.50, the Sep 9 low. EUROSTOXX 50 futures are firmer this week as the current correction extends. The 50-day EMA, at 3609.10, has been cleared. This strengthens short-term bullish conditions and opens 3705.00, the Aug 26 high. Initial firm support is at 3504.00, the Sep 9 low.
  • In FX, the EURUSD is holding on to the bulk of its recent gains. A key short-term break occurred Monday - price traded through resistance at 1.0140, the bear channel top, drawn from the Feb 10 high. A clear break of this channel top would strengthen bullish conditions and highlight a stronger reversal. This would open 1.0249, 76.4% of the Aug 10 - Sep 6 downleg. First support is at 1.0028, the 20-day EMA. GBPUSD gains are considered corrective. There is however scope for an extension. A clear break of the 20-day EMA, at 1.1703, would open 1.1906, the 50-day EMA. Key support is unchanged at 1.1406, the Sep 7 low and a bear trigger. USDJPY trend conditions remain bullish and short-term weakness is considered corrective which is allowing an overbought trend reading to unwind. Key short-term support is seen at 139.75, the 20-day EMA. The trigger for a resumption of gains is last Wednesday’s 144.99 high.
  • On the commodity front, Gold remains above recent lows. The yellow metal is in a downtrend and short-term gains are considered corrective. The focus is on $1681.0, the Jul 21 low and a key bear trigger. A break would confirm a resumption of the broader downtrend. The next firm resistance is seen at $1753.5, the 50-day EMA. In the Oil space, WTI futures are trading at recent highs. Recent gains are considered corrective and a bearish threat remains present following the sharp sell-off between Aug 30 - Sep 8. Firm resistance is seen at $92.02, the 50-day EMA. A reversal lower would refocus attention on $81.20, the Sep 8 low.
  • In the FI space, Bund futures remain in a clear downtrend and short-term gains would be considered corrective. A bearish price sequence of lower lows and lower highs remains intact and clearly highlights current sentiment. The focus is on the 142.00 handle. Gilts remain vulnerable and the bearish impulsive run that started early August remains intact. Attention is on 103.87, 2.00 projection of the Aug 22 - 24 - 26 price swing.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.