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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.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
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