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INDIA

Indian Issuance Plan Looms

SCHATZ TECHS

(Z1) Trend Conditions Remains Bearish

BOBL TECHS

(Z1) Needle Still Points South

BUND TECHS

(Z1) Bear Trend Sequence Intact

OIL

WTI Topples $75/bbl Handle

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  • S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. EUROSTOXX 50 futures continue to trade firmly, keeping the bullish short-term theme intact. This follows the recent print above a key near-term resistance at 4101.50, Jul 1 high. The breach of this level places on hold a recent bearish outlook and instead signals scope for a stronger recovery.
  • In FX, the USD is weaker. EURUSD traded higher last week to clear a former resistance at 1.1851, Jul 15 high. The extension has exposed the 50-day EMA at 1.1916. This average represents a key short-term resistance. GBPUSD traded higher again Friday before fading into the close. The pair has cleared the 50-day EMA. The move above this average strengthens the current corrective recovery. USDJPY extended the slippage Tuesday, taking out first support to trade through the Y109 handle. A bearish focus dominates.
  • On the commodity front, Gold staged a decent intraday rally, but the rally faltered ahead of resistance, keeping the near-term outlook neutral. has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. Brent futures remain weak, edging to new weekly lows and prompting a sharp deterioration in the outlook. The move below the 50-day EMA looks convincing, with support now exposed at 70.52 initially as well as the Jul 20 low and bear trigger at 66.91/43.
  • Within FI, Bund futures printed another higher high Wednesday before price action reversed and the rally faded. BTPs further cemented the uptrend, extending the gains to hit fresh alltime highs. A positive outlook follows the recent resumption of the uptrend that started May 19 - gains on Jul 6 and 7 resulted in a breach of a former key resistance at 152.47, Jun 14 high and established a bullish price sequence of higher highs and higher lows.