Free Trial

Price Signal Summary - S&P E-Minis Pullback Considered Corrective

MARKET INSIGHT
  • In the equity space, the recent pullback in the S&P E-minis is considered corrective. The outlook remains bullish and the focus is on 4420.92, 0.764 projection of the Jun 21 - Jul 14 - 19 price swing. Support to watch is at 4348.92, the 20-day EMA. A bullish theme remains intact in EUROSTOXX 50 and potential is for a climb towards the 4153.00 key resistance, Jun 17 high. Support is at 4029.50, Jul 22 high.
  • In FX, the USD is weaker. EURUSD focus is on the 50-day EMA at 1.1916. This represents a short-term pivot resistance. GBPUSD is holding onto recent gains. The pair has cleared its 50-day EMA strengthening the current bullish recovery. The next band of resistance is at 1.3990, 61.8% retracement of the Jun 1 - Jul 20 sell-off and 1.4001, the Jun 23 high. A break through this zone would strengthen a short-term bullish outlook. USDJPY remains above 109.07, Jul 19 low, the key short-term support and 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 has recovered from recent lows. The focus is on the bull trigger at $1834.1, Jul 15 high. Key short-term support is at $1790.0, Jul 23 low. Brent (V1) has cleared $74.47, 76.4% of the Jul 6 - 20 downleg. The focus is on $75.92, Jul 14 high. WTI (U1) is firmer and the focus is on $74.90, Jul 13 high.
  • Within FI, Bund futures remain firm with sights on 176.79, 1.50 projection of the May 19 - Jun 11 - Jun 22 price swing. 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 continue to monitor a bearish candle pattern, an evening star reversal from the Jul 21 close. A deeper pullback would expose 128.54, low Jul 14.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.