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Market News Topics
September 14, 2022 09:57 GMT
Price Signal Summary - Reversal In S&P E-Minis Exposes Key Support
OUTLOOK
- In the equity space, a strong reversal in S&P E-Minis Tuesday, threatens the recent recovery. A continuation lower would expose the key short-term support at 3900.00, Sep 7 low and a bear trigger. A break would strengthen a bearish case and signal scope for deeper pullback. Yesterday’s high of 4175.00 represents an important near-term resistance. EUROSTOXX 50 futures traded in a volatile manner yesterday and faced strong resistance. The sharp move lower threatens the recent short-term recovery and signals the end of what has likely been a corrective cycle. A deeper pullback would refocus attention on key short-term support at 3429.00, the Sep 5 low. Yesterday’s high of 3685.00 is the short-term bull trigger.
- In FX, the EURUSD traded sharply lower Tuesday and remains inside its bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0131 and is a key resistance. A close above this level is required to highlight a channel breakout. For bears, a stronger reversal would expose the bear trigger at 0.9864, the Sep 6 low. GBPUSD reversed lower yesterday, reinforcing bearish conditions and signalling the end of the recent corrective bounce. Key support at 1.1412, Mar 20 2020 low, has recently been pierced. A clear break of this level would strengthen bearish conditions. Initial resistance is at Tuesday’s high of 1.1738. USDJPY key short-term resistance is at 144.99, Sep 7 high. A break of 144.99 would confirm a resumption of bullish activity. This would open 145.28 and 146.03, the 2.618 and 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial firm support is at 141.51, Sep 9 low. A strong support also lies at the 20-day EMA, at 140.21.
- On the commodity front, Gold remains in a downtrend and recent short-term gains are considered corrective. The focus is on $1681.0, the Jul 21 low and a key bear trigger. A break would confirm a resumption of the broader downtrend. The next firm resistance is seen at $1751.5, the 50-day EMA. In the Oil space, WTI futures are trading closer to recent highs. Gains are considered corrective and a bearish threat remains present following the sharp sell-off between Aug 30 - Sep 8. Firm resistance is seen at $91.84, the 50-day EMA. A reversal lower would refocus attention on $81.20, the Sep 8 low.
- In the FI space, Bund futures remain in a clear downtrend. A bearish price sequence of lower lows and lower highs remains intact, clearly highlighting current sentiment. The focus is on the 142.00 handle. Gilts remain vulnerable and have touched a fresh trend low of 104.64 today. Attention is on 103.87, 2.00 projection of the Aug 22 - 24 - 26 price swing.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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