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Price Signal Summary - S&P E-Minis Find Support Once Again

MARKET INSIGHT
  • In the equity space, the S&P E-minis pullback is considered corrective. The outlook is bullish and the focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support is seen at 4336.88, the 20-day EMA. EUROSTOXX 50 futures recently traded above the important 4101.50 resistance, Jul 1 high. An extension would open the 4153.00 key resistance, Jun 17 high. Support to watch is at 4029.50, Jul 22 high.
  • In FX, the USD outlook is unchanged and remains bullish. EURUSD is slightly firmer but remains in a tight range. The outlook is bearish and the focus is on 1.1704, Mar 31 low and a key support. Resistance is at 1.1851, Jul 15 low. GBPUSD is holding onto recent gains and testing the 50-day EMA at 1.3884. A clear break of the average is required to strengthen a bullish case. Currently, recent gains are still considered corrective. Watch resistance at 1.3910, Jul 12 high. USDJPY is lower but remains above 109.07, Jul 19 low. This represents a key S/T support and the bear trigger. Key near-term resistance is 110.70, Jul 14 high. A break of 110.70 would be bullish.
  • On the commodity front, Gold is consolidating and maintains a bullish tone with the focus on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1791.7, Jul 12 low and has recently been tested and briefly probed. A clear break of this level would be bearish. Brent (U1) has cleared $73.87, 61.8% of the Jul 6 - 20 downleg and is approaching $75.39, the 76.4% level. A break would open $76.72, Jul 14 high. WTI (U1) is firmer and the focus is on $73.46, 76% of the Jul 6 - 20 downleg.
  • Within FI, Bund futures remain firm and have edged higher today. Sights are on 176.64, the Feb 11 high (cont). Gilts maintain a bullish tone. The recent break of 129.92, Jul 8 high opens 130.72, 2.236 projection of the May 13 - 26 - Jun 3 price swing. We are still monitoring a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.
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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