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Price Signal Summary - Sentiment In The Equity Space Remains Bullish

MARKET INSIGHT
  • In the equity space, S&P E-minis are still in a clear uptrend and yesterday's pullback is considered corrective. The next objective is 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Scope is also seen for a break of the 4600.00 handle. EUROSTOXX 50 futures are trading near recent highs. The focus is on key resistance at 4223.00, Sep 6 high and bull trigger. A break would confirm a resumption of the broader uptrend and open 4290.50, 1.00 projection of the Jul 19 - Sep 6 - Oct 6 price swing.
  • In FX, EURUSD continues to consolidate with a slightly weaker tone still dominating for now. From a short-term perspective, scope exists for a move towards the 50-day EMA at 1.1684. A key resistance also resides at 1.1711, a bear channel top drawn off the Jun 1 high. Initial support lies at 1.1572, Oct 18 low. GBPUSD short-term bullish conditions remain intact and corrections so far have been shallow. The focus is on 1.3913, Sep 14 high and a key resistance. Support to watch is at 3710, yesterday's low. USDJPY remains below recent highs but maintains a bullish tone. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is at 113.09, the 20-day EMA. A break would signal scope for a deeper corrective pullback.
  • On the commodity front, Gold maintains a positive short-term tone. Scope is seen for a climb towards $1834.0, the Sep 3 high. Key near-term support is at $1760.4, Oct 18 low. WTI broader trend conditions are unchanged although futures faced some selling pressure yesterday. Support to watch is at $80.34, 20-day EMA.
  • In the FI space, Bund futures sights are on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance at 169.92, Oct 14 high, remains intact. Gilts breached and closed above resistance at 152.57 yesterday, Oct 14 high. This has confirmed a double bottom reversal on the daily chart and signals scope for a climb towards 126.39, 50.0% retracement of the Aug - Oct downleg. Initial support is at yesterday's low of 124.55.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets

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