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Price Signal Summary - S&P E-Minis Tests The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis traded below the 50-day EMA overnight. Levels below the 50-day EMA have this year resulted in a quick reversal of prior corrections and a resumption of the uptrend. Key short-term support has been defined at 4126.75, the intraday low and represents a potential risk parameter for bulls. Key trend resistance and the bull trigger is at 4258.25, Jun 15 high.
  • In FX, EURUSD remains weak following last week's sharp sell-off and gains are considered corrective. Scope is seen for weakness towards 1.1837 next, 76.4% of the Mar 31 - May 25 rally. GBPUSD remains vulnerable following last week's bearish pressure. The pair has probed 1.3800 and this signals scope for 1.3717 next, Apr 16 low. USDJPY traded higher last week and breached 110.33, Jun 4 high. This reinforces a bullish theme with the focus on 110.97, the year high on Mar 31. Support to watch is at 109.72, today's intraday low.
  • On the commodity front, Gold traded sharply lower last week and remains vulnerable. The focus is on $1756.2, low Apr 29. Upticks are considered corrective. Oil remains below recent highs and a corrective cycle is in play. Support in Brent (Q1) is seen at $71.56, the 20 day EMA. WTI (N1) support to watch lies at $69.26, the 20-day EMA.
  • Within FI, Bund futures key directional triggers have been defined at; 171.80, Jun 17 low and 173.16, the Jun 11 high. The pullback in Gilt futures key support lies at 126.70, Jun 3 low.
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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