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Price Signal Summary - FI Futures Trend Needle Still Points South

MARKET INSIGHT
  • In the equity space, the short-term trend condition in the S&P E-Minis remains bearish and short-term gains are considered corrective - for now. Attention is on pivot support at 4089.67, the 50-day EMA. Initial resistance is at 4221.50, the Aug 22 high. EUROSTOXX 50 futures remain in a short-term downtrend too despite recent gains. The 50-day EMA at 3652.00, has been pierced. A clear break of the average would strengthen the bearish theme and open 3582.50, 50.0% of the Jul 5 - Aug 17 rally.
  • In FX, EURUSD remains bearish following the breach of key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. The GBPUSD trend needle still points south. The break of support at 1.1760, the Jul 14 low and bear trigger, confirmed a resumption of the downtrend. Sights are on 1.1673, the 1.00 projection of the May 27 - Jun 14 - 16 price swing. USDJPY remains below its most recent highs and is consolidating. This pause appears to be a bull flag, reinforcing bullish conditions with the focus on 137.96 next, the Jul 22 high. Initial support is at 135.53, the 20-day EMA.
  • On the commodity front, Gold has found some support this week and remains above Monday’s low of $1727.8. Gains are considered corrective and firm resistance is seen at $1776.5, the 50-day EMA. A resumption of weakness would open $1711.7 next, the Jul 27 low. In the Oil space, the WTI futures short-term outlook remains bullish for now. Futures have traded above the 50-day EMA and the break signals scope for a climb towards $99.75, the Jul 29 high. A break below $90.42, Aug 23 low is required to signal a top.
  • In the FI space, Bund futures remain in a bear trend. The focus is on the 150.00 handle next, a break would open 149.69, the Jul 21 low and key short-term support. Gilts remain vulnerable and sights are set on the key support and bear trigger at 109.89, the Jun 16 low. Treasuries maintain a softer tone. Scope is seen for an extension towards 116-26+, the Jun 29 low.
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