Free Trial
EQUITY TECHS

E-MINI S&P (U2): Pullback Considered Corrective

US EURODLR FUTURES

BLOCK, Dec/Mar Spd

USD

USDJPY targets next MNI tech

US TSYS

BLOCK Roundup: Eurodollar, SOFR, Tsys

CORN TECHS

(Z2) Outlook Remains Bearish

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Price Signal Summary - S&P E-Minis Still Trade Closer To Recent lows

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain vulnerable. Monday’s sell-off resulted in a print below 3810.00, the May 20 low and bear trigger. The break confirms a resumption of the primary downtrend and opens 3697.99 next, the 0.618 projection of the Mar 29 - May 20 - 31 price swing. EUROSTOXX 50 futures remain vulnerable and the contract appears set to weaken further near-term. Scope is seen for a move towards key support and a bear trigger at 3466.00, May 10 low. Initial firm resistance is seen at 3719.60, the 50-day EMA.
  • In FX, the short-term EURUSD outlook remains bearish despite today’s gains. A bearish theme follows the reversal lower from the top of its bear channel, drawn from the Feb 10 high. The move lower has opened 1.0350, the May 13 low and bear trigger. Initial firm resistance is at 1.0612, the 20-day EMA. Recent weakness in GBPUSD has confirmed a resumption of the primary downtrend - support and the bear trigger at 1.2156, May 13 low, has been cleared. This signals scope for an extension below 1.2000 with the focus on Tuesday’s 1.1934 low. USDJPY remains in an uptrend and near-term restracements are considered corrective. A resumption of gains would open 136.04, 1.382 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, Gold faced resistance Monday and traded lower again Tuesday. The yellow metal has failed to remain above the 50-day EMA, signalling the potential end of the recent correction between May 16 - Jun 13. An extension lower would open the key support and bear trigger at $1787.0, May 16 low. A break would resume the downtrend. In the Oil space, WTI futures remain bullish and the uptrend is intact. The focus is on Tuesday’s high of $123.68. Key short-term support is at $115.70, the 20-day EMA
  • In the FI space, Bund futures continue to weaken. The focus is on 142.00. Gilts continue to head south and the focus is on 111.00.
332 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • In the equity space, S&P E-Minis remain vulnerable. Monday’s sell-off resulted in a print below 3810.00, the May 20 low and bear trigger. The break confirms a resumption of the primary downtrend and opens 3697.99 next, the 0.618 projection of the Mar 29 - May 20 - 31 price swing. EUROSTOXX 50 futures remain vulnerable and the contract appears set to weaken further near-term. Scope is seen for a move towards key support and a bear trigger at 3466.00, May 10 low. Initial firm resistance is seen at 3719.60, the 50-day EMA.
  • In FX, the short-term EURUSD outlook remains bearish despite today’s gains. A bearish theme follows the reversal lower from the top of its bear channel, drawn from the Feb 10 high. The move lower has opened 1.0350, the May 13 low and bear trigger. Initial firm resistance is at 1.0612, the 20-day EMA. Recent weakness in GBPUSD has confirmed a resumption of the primary downtrend - support and the bear trigger at 1.2156, May 13 low, has been cleared. This signals scope for an extension below 1.2000 with the focus on Tuesday’s 1.1934 low. USDJPY remains in an uptrend and near-term restracements are considered corrective. A resumption of gains would open 136.04, 1.382 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, Gold faced resistance Monday and traded lower again Tuesday. The yellow metal has failed to remain above the 50-day EMA, signalling the potential end of the recent correction between May 16 - Jun 13. An extension lower would open the key support and bear trigger at $1787.0, May 16 low. A break would resume the downtrend. In the Oil space, WTI futures remain bullish and the uptrend is intact. The focus is on Tuesday’s high of $123.68. Key short-term support is at $115.70, the 20-day EMA
  • In the FI space, Bund futures continue to weaken. The focus is on 142.00. Gilts continue to head south and the focus is on 111.00.