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Price Signal Summary - Oil Futures Remain Below The 50-Day EMA Pivot Resistance

MARKET INSIGHT
  • In the equity space, S&P E-Minis have recovered from Tuesday’s low. A short-term bullish theme remains intact and recent gains signal potential for an extension. A resumption of gains would pave the way for a climb towards 4145.75 next, the Jun 9 high. The 20-day EMA, at 3900.64, is the first support to watch. EUROSTOXX 50 futures are unchanged and continue to consolidate. This pause in the current bull cycle still appears to be a bull flag. If correct, it reinforces short-term bullish conditions and suggests scope for a break higher to open 3689.00, the Jun 10 high. Initial support is at 3467.00, Jul 18 / 19 low.
  • In FX, EURUSD traded lower Tuesday. Price remains below immediate resistance at 1.0278, the Jul 21 high. The move lower yesterday raises the risk of a return back toward recent lows below parity, at 0.9952 (Jul 14). To the upside, a break above 1.0278 would once again resume short-term bullish conditions and open 1.0359, Jun 15 low. GBPUSD is consolidating and trading at its recent highs. A continuation higher would expose the 50-day EMA, at 1.2213. Key support and the bear trigger is at 1.1760, the Jul 14 low. Weakness in USDJPY is still considered corrective and attention is on two key support levels; 135.30, the base of a bull channel drawn from the Mar 4 low, and 134.27, the Jun 23 low. A break of this support zone would signal scope for stronger reversal. The primary uptrend remains intact. 139.39 is the bull trigger, Jul 14 high.
  • On the commodity front, Gold remains in a downtrend and the latest recovery is likely a correction. The bear trigger is unchanged at $1681.0, the Jul 21 low. Key short-term resistance to watch is at $1745.4, the Jul 13 high. In the Oil space, WTI futures trend conditions remain bearish. The contract continues to trade below the 50-day EMA that intersects at $101.18. The average represents an important pivot point - if breached, the move higher would signal scope for a stronger rally. While the EMA offers resistance, the outlook is bearish and the first support to watch is $93.01, the Jul 25 low.
  • In the FI space, a short-term bull cycle in Bund futures remains in play. The contract traded higher Tuesday, confirming a resumption of the upleg. The focus is on 157.21, 1.50 projection of the Jun 16 - 24 - 28 price swing. The trend condition in Gilts remains bullish. The focus is on 118.16, 1.382 projection of the Jun 16 - 24 - 29 price swing.
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