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Price Signal Summary - S&P E-Minis Continue To Defy Gravity

MARKET INSIGHT
  • On the equity front, S&P E-minis outlook remains bullish. The contract has traded to a fresh all-time high of 4542.25 today and the move higher confirms a resumption of the uptrend once again. The focus is on 4580.21, 1.382 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 key support has been defined at 4078.00, Aug 19 low. The outlook is bullish while this level holds. Futures are firmer and approaching key resistance at 4238.50, Aug 13 high.
  • In the FX space, the USD continues to face selling pressure. EURUSD is testing its 50-day EMA at 1.1828. A clear break would open 1.1909, the Jul 30 high and a key short-term resistance. GBPUSD has traded higher again today. The key near-term resistance is seen at the 50-day EMA, at 1.3829. USDCAD is softer and approaching its 50-day EMA at 1.2529.
  • On the commodity front, Gold maintains a bullish tone following last week's breach of the 50-day EMA. The break signals scope for a climb towards $1834.1, Jul 15 high and a bull trigger. WTI futures are still trading closer to recent highs. Attention is on $70.74, 76.4% retracement of the Jul 30 - Aug 23 sell-off. Support is seen at $66.92, Aug 25 low.
  • In FI, Bunds support at 176.21, Aug 11 low was cleared on Aug 25, highlighting a short-term bearish theme. The focus is on 175.45, the 50-day EMA. Gilt futures key short-term support has been defined at 128.24, Aug 26 low. A break would signal scope for a deeper pullback and open 128.03, Jul 6 low (cont). Resistance is at 129.35, high Aug 20.
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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