MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - S&P E-Minis Back Below The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis are off recent highs and have traded below the 50-day EMA today - the average intersects at 4410.41. A deeper sell-off would highlight a bearish threat and the risk of a pullback towards the key support at 4293.75, Sep 20 low. Price needs to break above 4472.00, Sep 27 high to trigger a resumption of the most recent climb. EUROSTOXX 50 has also pulled away from recent highs and is weaker again today. A deeper pullback would expose the key support at 3974.00, Sep 20 low. Resistance has been defined at 4200.50, Sep 24 high.
  • In FX, EURUSD outlook remains bearish. The focus is on key support at 1.1664, Aug 20 low. GBPUSD remains above key support at 1.3602, Aug 20 low. Triangle support at 1.3637 remains intact too and a breach of the 1.3636/02 zone is required to trigger a deeper sell-off. A resumption of gains would open 1.3789, the 50-day EMA. USDJPY has traded through 110.80, Aug 11 high. The break strengthens a bull case and opens 111.66, Jul 2 high and the bull trigger. The USD Index (DXY) key resistance resides at 93.73, Aug 20 high and the bull trigger. A break would confirm a resumption of the uptrend that started May 25.
  • On the commodity front, the Gold trend needle still points south and the focus is on $1742.5, 76.4% of the Aug 9 - Sep 3 rally. WTI futures continue to defy gravity and the focus is on $78.24 - 1.236 projection of the Aug 23 - Sep 2 - Sep 9 price swing
  • In FI, Bund futures remain in a clear downtrend and are trading lower this morning confirming a resumption of the current bear cycle. This opens 169.46 next, 1.50 projections of the Sep 9 - 17 - 21 price swing. Gilt futures remain heavy and are also trading lower. The focus is on 124.96, 1.236 projection of the Aug 31 - Sep 17 - 21 price swing. Treasuries trending lower too. Scope is seen for weakness towards 131-03+, the Jun 25 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.