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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.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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