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Price Signal Summary - S&P E-Minis Sights Set On 4400.00

MARKET INSIGHT
  • In the equity space, bullish conditions continue to dominate in the S&P E-minis and price continues to climb resulting in fresh all-time highs once again. With the bullish cycle still dominating, attention is on 4400.00 next. EUROSTOXX 50 futures recovered again yesterday extending the bounce from last week's low of 3951.50. The contract is approaching initial resistance at 4101.50, Jul 1 high where a break would neutralise recent bearish price signals and signal scope for a stronger recovery.
  • In FX, the USD outlook remains bullish despite recent weakness. EURUSD is consolidating but remains below initial resistance at 1.1895, Jul 6 high. Attention is on 1.1782, Jul 7 low and the bear trigger. The GBPUSD outlook remains bearish. The focus is on the support and bear trigger at 1.3733, Jul 2 low. Resistance is at 1.3946, the 50-day EMA. USDJPY traded lower last week but found support at 109.53, Jul 8 low. The recent bear leg is considered corrective and a bullish theme remains intact. Initial resistance to watch is 110.82, Jul 7 high, a break would be bullish.
  • On the commodity front, Gold continues to test the 50-day EMA, today at $1813.6. A clear break of the EMA is required to confirm the next leg higher and open $1833.7, 50.0% retracement of the Jun 1 - 29 decline. Brent (U1) futures have recovered from last week's lows. Key resistance is defined at $77.84, Jul 6 high with key support initially at $72.11, Jul 8 low. WTI (Q1) key resistance is at $76.98, Jul 6 high and the bull trigger. Initial firm support lies at 70.76, Jul 8 low.
  • Within FI, Bund futures are unchanged and consolidating. Price has recently cleared key resistance at 173.16, Jun 11 high. The focus is on 174.97 High Mar 3 (cont). {GB} Gilt futures are off recent highs but maintain a bullish tone. Recent gains have resulted in a clear break of a key short-term resistance at 128.39, Jun 11 high. This has opened 129.99, Feb 24 high (cont).
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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