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Price Signal Summary - FI Futures Remain Below Last Week’s Highs

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded lower Tuesday and has found resistance at 3950.00, yesterday’s high. The short-term outlook remains positive though and there still appears to be scope for an extension of the current bullish cycle. A resumption of strength would open the 50-day EMA, at 4028.87. Watch initial support at 3735.00, Jun 23 low. EUROSTOXX 50 futures are holding on to the bulk of recent gains and short-term conditions suggest scope for an extension higher. The contract has recently traded above the 20-day EMA and this opens 3630.50, the 50-day EMA.
  • In FX, EURUSD has pulled away from its most recent highs. This means that key resistance at 1.0618 remains intact - the top of a bear channel drawn from the Feb 10 high. The primary trend direction is down and the outlook remains bearish. A continuation lower would refocus attention on 1.0350, May 13 low and the bear trigger. A clear break of 1.0618 however would alter the picture. GBPUSD is trading slightly softer this morning. Key support and the bear trigger is unchanged at 1.1934, Jun 14 low. Resistance to watch remains 1.2406, the Jun 16 high. Both 1.1934 and 1.2406 are important short-term directional triggers. USDJPY is firmer and trend conditions remain bullish. Last week’s climb confirmed a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. Support to watch is at 133.85, the 20-day EMA.
  • On the commodity front, the outlook in Gold is bearish and attention is on $1787.0, May 16 low, where a break would resume the downtrend. Key trendline resistance to watch is at $1869.20. The trendline is drawn from the Mar 8 high and a break would likely signal a reversal of the short-term trend. In the Oil space, WTI futures continue to climb. This has opened $113.49 next, the 61.8% retracement of the Jun 14 - 22 downleg and $116.58, the Jun 17 high. For bears, a reversal lower from current levels would signal the end of the recent recovery and this would refocus attention on key support at $101.53, the Jun 22 low.
  • In the FI space, Bund futures have pulled back from recent highs. Key short-term resistance has been defined at 149.00, the Jun 24 high, where a break is required to signal scope for a stronger recovery - towards 150.06, 61.8% retracement of the May 12 - Jun 16 bear leg. First support lies at 144.72, Tuesday’s low. Gilts are weaker too following this week’s retracement. Resistance has been defined at 114.55, Jun 24 high where a break is required to signal scope for a stronger short-term recovery. Key support and the bear trigger lies at 109.89, the Jun 16 low.
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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