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Market News Topics
May 31, 2022 10:00 GMT
Price Signal Summary - S&P E-Minis Arrives At The 50-Day EMA
MARKET INSIGHT
- In the equity space, S&P E-Minis remain firm following last week’s gains. The contract has traded above the 50-day EMA, at 4190.56. A clear break of this average would strengthen current bullish conditions and open a key resistance at 4303.50, the Apr 26/28 high. The recent climb is still considered corrective and the primary trend is down. A reversal lower would refocus attention on the bear trigger 3807.50, May 20 low. EUROSTOXX 50 futures maintain a firmer short-term tone following recent gains and the break above the 50-day EMA. Gains are still considered corrective. However, attention is on resistance at 3883.00, Apr 21 high and, the key resistance at 3944.00, the Mar 29 high. A break of the latter would strengthen current bullish conditions. Short-term support has been defined at 3576.00, May 19 low.
- In FX, EURUSD is trading near the top of its bear channel. The channel is drawn from the Feb 10 high and intersects at 1.0804. It marks a key short-term resistance where a break would strengthen bullish conditions and highlight a stronger short-term outlook. A reversal lower would reinforce a bearish theme. This would open 1.0533 initially, the May 20 low. GBPUSD maintains a firmer tone and the current corrective bull cycle is still in play. Attention is on the 50-day EMA at 1.2724. Initial firm support lies at 1.2472, May 24 low. USDJPY has recently traded through support at 126.95, the Apr 27 low and an important short-term pivot level. The breach suggests scope for a continuation lower, however, a break of the 50-day EMA, at 126.10, is required to strengthen a bearish threat.
- On the commodity front, Gold is holding on to its recent gains. The yellow metal is testing the 20-day EMA. This has exposed the 50-day EMA at $1879.9. Recent gains are still considered corrective and the broader trend direction remains down. A resumption of bearish activity would refocus attention on $1787.0, May 16 low. In the Oil space, WTI futures have started the week on a firm note. The contract has breached resistance at $116.43, the Mar 7 high and the former contract high. This confirms a resumption of the underlying uptrend and opens the $120.00 handle, and potentially beyond. Initial firm support is seen at $108.25, the 20-day EMA.
- In the FI space, resistance in Bund futures is at $155.33 May 12 high. The trend direction remains down and an extension lower would open 150.49, the May 9 low and the bear trigger. Gilts have traded below initial support. The primary trend direction is down and the pullback from recent highs marks a bearish development. Attention is on the key support and bear trigger at 115.70, May 9 low.
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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.
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Please enter your details below.
Why MNI
MNI is the leading provider
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