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Price Signal Summary - S&P E-Minis Continue To Climb

MARKET INSIGHT
  • On the equity front, S&P E-minis are trading higher once again into uncharted territory. With bullish conditions firmly in place, the focus is on 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 remains firm following this week's break of 4238.50, Aug 13 high. This confirms a resumption of the uptrend and opens 4294.20, 1.236 projection of the May 13 - Jun 17 - Jul 19 price swing.
  • In the FX space, EURUSD maintains a firmer tone and is holding above its 50-day EMA. An extension would set the scene for a climb towards 1.1909, Jul 30 high and a key short-term resistance. Firm support to watch is 1.1735, Aug 20 low. Initial support is at 1.1788, the 20-day EMA. GBPUSD rallied yesterday and has moved above its 50-day EMA, at 1.3824. The break signals potential for a stronger recovery towards 1.3888 next, Aug 11 high. Initial firm support is at 1.3680. AUDUSD has continued to rally this morning and has probed 0.7427, Aug 4 high. This opens 0.7449, 50.0% retracement of the May - Aug sell-off.
  • On the commodity front, Gold is consolidating but the outlook remains bullish with the focus on $1834.1, Jul 15 high and the next bull trigger. WTI bullish conditions remain intact. The focus is on $70.74, 76.4% of the Jul 30 - Aug 23 sell-off. Support is seen at $67.12, Sep 1low.
  • In FI, Bund key trendline support at 175.2 today remains exposed. The trendline is drawn from the May 19 low and a break would strengthen bearish conditions. Bulls will be looking for the trendline to hold. Gilt futures cleared support earlier this week at 128.33, Aug 12 low and 128.24, Aug 12 low. The break lower strengthens a bearish case and signals scope for 128.03, the Jul 6 low (cont).
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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