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Price Signal Summary - Oil Continues To Defy Gravity

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding above Friday's low of 4260.00. The outlook remains bearish and scope is seen for weakness towards 4214.50, Jul 19 low. Short-term gains are considered corrective. EUROSTOXX 50 futures outlook remains bearish too. A resumption of weakness would open 3951.50, 1.00 projection of the Sep 6 - Sep 20 - Sep 24 price swing and below.
  • In FX, EURUSD remains in a downtrend and recent price action appears to be a bear flag, reinforcing current bearish conditions. The focus is on 1.1493 next, 50.0% of the Mar '20 - Jan '21 bull phase. GBPUSD remains vulnerable following last week's sell-off and despite the recent strong corrective bounce. Last week's 1.3412 low on Sep 29 is the bear trigger. A break would open 1.3354, Dec 23, 2020 low. Initial resistance is at yesterday's high of 1.3640. USDJPY last week traded through key resistance at 111.66, Jul 2 high and the bull trigger. The clear break strengthens a bull case and opens 112.23, Feb 20, 2020 high. Near-term however, attention is on the Sep 30 price pattern - a bearish engulfing candle. This highlights scope for a deeper corrective pullback, potentially towards 110.19, the 50-day EMA.
  • On the commodity front, Gold remains in a downtrend and attention is on $1690.6, the Aug 9 low and the bear trigger. Note though that the Sep 30 price pattern is a bullish engulfing candle. This highlights the potential for a stronger corrective bounce. A climb would open $1787.4, Sep 22 high. The trigger for a resumption of weakness is $1721.7, Sep 29 low. WTI futures rallied yesterday and have resumed their uptrend. This opens $79.53, 1.382 projection of the Aug 23 - Sep 2 - Sep 9 price swing.
  • In the FI space, short-term gains are still considered corrective. Bund futures remain in a clear downtrend with the focus on 169.46, 1.50 projection of the Sep 9 - 17 - 21 price swing. Resistance is seen at 170.81, Sep 17 and a recent breakout level. Gilt futures remain heavy too. The focus is on 124.64, 1.382 projection of the Aug 31 - Sep 17 - 21 price swing.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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