CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Shallow Correction, Bull Flag In The Equity Space

MARKET INSIGHT
  • In the equity space, the uptrend in the S&P E-minis remains intact and this week's pullback is likely a correction. Thus far, it is a shallow one. The focus is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures are consolidating below recent highs and this week's activity appears to be a bull flag. The trend needle continues to point north and the focus is on 4371.00, 1.236 projection of Jul 19-Sep 6-Oct 6 2020 swing (cont)
  • In FX, EURUSD outlook remains bearish. Last week's print below 1.1524 Friday, the Oct 12 low reinforces this theme. The focus is on 1.1493, 50.0% retracement of the Mar '20 - Jan '21 bull phase. Initial resistance this morning is at 1.1617, Nov 4 high. GBPUSD remains vulnerable. Yesterday's candle pattern - a doji - is a bearish pattern and signals the end of the most recent corrective bounce. Attention is on the key support at 1.3412, Sep 29 low. USDJPY has breached support at 113.00, the Oct 12 low but is back above this level. The break lower yesterday nevertheless signals scope for a deeper pullback and has opened 112.08, Sep 30 high.
  • On the commodity front, Gold reversed course late last week and maintains a firmer short-term tone. Attention is on resistance at $1834.0, Sep 3 high, a break would improve conditions for bulls. WTI is approaching the bull trigger at $85.41, Oct 25 high. A break would confirm a resumption of the uptrend and open $87.45, a Fibonacci projection. On the downside, key short-term support has been defined at $78.25 Nov 4 low.
  • In the FI space, Bund futures maintain a a bullish short-term tone. The break of 169.83, Oct 27 high and clearance of the 50-day EMA, opens 171.95, 61.8% of the Aug - Nov sell-off. Gilts maintain a firmer tone and the recent double bottom reversal continues to play out. The focus is on 127.69 next, Sep 21 high.
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

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.