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Price Signal Summary - S&P E-Minis Consolidating At Recent Highs

MARKET INSIGHT
  • On the equity front, S&P E-minis are consolidating at recent highs. This week's climb to a fresh all-time high confirms a resumption of the uptrend and attention turns to the 4500.00 handle. EUROSTOXX 50 key support has been defined at 4078.00, Aug 19 low. The outlook is bullish while this level holds.
  • In the FX space, the USD remains in an uptrend and this week's weakness is still considered corrective. EURUSD last week cleared 1.1704, Mar 31 low. This opens 1.1621 next, 1.00 projection of the Jan 6 - Mar 31 - May 25 price swing. Firm resistance to watch is 1.1805, Aug 13 high. GBPUSD remains vulnerable despite Monday's strong bounce. The focus is on the bear trigger at 1.3572, Jul 20 low. Resistance is at 1.3786, Aug 18 high. The Aug 20 price pattern in USDCAD is a bearish shooting star candle and Monday's weak close reinforces the bearish pattern. An extension would expose 1.2512, the 50-day EMA.
  • On the commodity front, Gold maintains a bullish tone following this week's breach of its 50-day EMA. The break signals scope for a climb towards $1834.1, Jul 15 high and a bull trigger. WTI futures support has been defined at $61.74, Aug 23 low. Note, Monday's price action is to be a bullish engulfing reversal candle, highlighting a positive short-term theme. Further gains would open $68.13, the 50-day EMA.
  • In FI, Bunds support to watch is unchanged at 176.21, Aug 11 low. Trend conditions remain bullish above this level. The bull trigger is 177.61, Aug 05 high. The Gilt futures outlook is bullish too and attention is on 130.72, Aug 4 high and the bull trigger. The support to watch is at 129.23, the 50-day EMA.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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