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Price Signal Summary - S&P E-Minis Bearish Risk Still Present

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a bullish tone however the recent pullback suggests the contract has entered and remains in a corrective cycle. A deeper pullback would open 1.4155.50, the Jun 3 low and the 50-day EMA at 4142.51. The EMA represents a key support level.
  • In FX, EURUSD remains weak following this sharp sell-off Wednesday and Thursday. Scope is seen for weakness towards 1.1837, 76.4% retracement of the Mar 31 - May 25 rally. GBPUSD weakness this week has resulted in a break of the 50-day EMA. The move through the average strengthens a short-term bearish outlook and opens 1.3801, May 3 low. USDJPY traded higher Wednesday extending the recovery from 109.19, Jun 7 low. The break of 110.33, Jun 4 high exposes 110.97, this year's high on Mar 31. Support to watch is at 109.81, Jun 16 low.
  • On the commodity front, Gold has traded sharply lower this week and remains vulnerable. The focus is on $1756.2, low Apr 29. Oil has pulled back from recent highs and a corrective cycle is in play. Support in Brent (Q1) is seen at $71.36, the 20 day EMA. WTI (N1) support to watch lies at $69.00, the 20-day EMA.
  • Within FI, Bund futures key directional triggers have been defined at; 171.80, Jun 17 low and 173.16, the Jun 11 high. The pullback in Gilt futures key support lies at 126.70, Jun 3 and a key near-term support.
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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