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Price Signal Summary - S&P E-Minis Bulls Targeting Recent High

MARKET INSIGHT
  • In the equity space, S&P E-minis needle still points north following the recent recovery from support around the 50-day EMA. Key support is unchanged at 4126.75, Jun 21 low. The bull trigger is 4258.25, last week's high.
  • In FX, the EURUSD outlook is unchanged and remains bearish following last week's sharp sell-off. The focus is on 1.1837 next, 76.4% of the Mar 31 - May 25 rally. GBPUSD remains vulnerable following last week's bearish pressure and recent gains are considered corrective. Attention is on 1.3717 next, Apr 16 low. USDJPY traded higher yesterday and delivered fresh 2021 highs, with a print above Y110.97, Mar 31 high and the previous bull trigger. This cements the uptrend and maintains a bullish price sequence of higher highs and higher lows. Attention is on 111.30/32, the Mar 26, 2020 high and 1.0% 10-dma envelope.
  • On the commodity front, Gold is consolidating. The outlook remains weak and the current consolidation appears to be a bear flag. This reinforces a bear theme and the focus is on $1756.2, low Apr 29. The Oil market remains firm and continues to trend higher. Brent (Q1) focus is $76.97, 1.23 projection of Mar 23 - May 18 - May 21 price swing. WTI (Q1) sights are set on $75.01, 1.382 projection of Mar 23 - May 18 - May 21 price swing.
  • Within FI, Bund futures have this week probed support at 171.80, Jun 17 low. A stronger sell-off would expose 171.37, Jun 3 low and 170.99, Mar 31 low and a key short-term support. Key support to watch in Gilt futures is unchanged at 126.70, Jun 3 low.
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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