Free Trial
US TSY FUTURES

BLOCK, Large 5Y Sale

US TSY FUTURES

BLOCK, 10Y Buy

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 Bear Leg Extends

MARKET INSIGHT
  • In the equity space, S&P E-Minis continue to weaken and extend this week’s bearish cycle and the pullback from Tuesday’s high of 3950.00. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low. A breach of resistance at 3950.00 is required to reinstate a bullish theme. EUROSTOXX 50 futures are down sharply today and this highlights a stronger reversal from Monday’s high of 3584.00. The move lower exposes the key support and bear trigger at 3384.00, Jun 16 low. A break would resume the primary downtrend. On the upside, clearance of 3584.0 is required to reinstate a short-term bullish theme.
  • In FX, EURUSD continues to pull away from its most recent highs and a key resistance at 1.0609 - the top of a bear channel drawn from the Feb 10 high. The primary trend direction is down and attention on 1.0350, May 13 low and the bear trigger. A clear break of 1.0609 resistance would alter the picture. GBPUSD is trading at this week’s lows. The outlook is bearish and attention is on the bear trigger at 1.1934, Jun 14 low. Resistance to watch remains 1.2406, the Jun 16 high. USDJPY delivered a fresh cycle high Wednesday, confirming a resumption of the primary uptrend. The high marks the best levels since 1998. Sights are on 137.30 next, 1.50 projection of the Feb 24 - Mar 28 - 31 price swing. Initial firm support is 134.27, the Jun 23 low.
  • On the commodity front, the outlook in Gold is unchanged and remains bearish. The focus is on $1787.0, May 16 low, where a break would resume the downtrend. Key trendline resistance to watch is at $1866.7. The trendline is drawn from the Mar 8 high and a break would likely signal a reversal. In the Oil space, WTI futures found resistance at Wednesday’s high of $114.05. A break of this resistance is required to confirm a resumption of the recent recovery and open $116.58, the Jun 17 high. For bears, a stronger reversal lower would signal the end of the recent climb and open key support at $101.53, the Jun 22 low.
  • In the FI space, Bund futures key short-term resistance has been defined at 149.00, the Jun 24 high, where a break is required to signal scope for a stronger recovery - towards 150.06, 61.8% retracement of the May 12 - Jun 16 bear leg. First support lies at 144.72, Tuesday’s low. Recent price action in Gilts has defined resistance at 114.55, Jun 24 high where a break would highlight potential for a stronger short-term recovery. Initial support is at 111.72, the Jun 29 low.
450 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 continue to weaken and extend this week’s bearish cycle and the pullback from Tuesday’s high of 3950.00. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low. A breach of resistance at 3950.00 is required to reinstate a bullish theme. EUROSTOXX 50 futures are down sharply today and this highlights a stronger reversal from Monday’s high of 3584.00. The move lower exposes the key support and bear trigger at 3384.00, Jun 16 low. A break would resume the primary downtrend. On the upside, clearance of 3584.0 is required to reinstate a short-term bullish theme.
  • In FX, EURUSD continues to pull away from its most recent highs and a key resistance at 1.0609 - the top of a bear channel drawn from the Feb 10 high. The primary trend direction is down and attention on 1.0350, May 13 low and the bear trigger. A clear break of 1.0609 resistance would alter the picture. GBPUSD is trading at this week’s lows. The outlook is bearish and attention is on the bear trigger at 1.1934, Jun 14 low. Resistance to watch remains 1.2406, the Jun 16 high. USDJPY delivered a fresh cycle high Wednesday, confirming a resumption of the primary uptrend. The high marks the best levels since 1998. Sights are on 137.30 next, 1.50 projection of the Feb 24 - Mar 28 - 31 price swing. Initial firm support is 134.27, the Jun 23 low.
  • On the commodity front, the outlook in Gold is unchanged and remains bearish. The focus is on $1787.0, May 16 low, where a break would resume the downtrend. Key trendline resistance to watch is at $1866.7. The trendline is drawn from the Mar 8 high and a break would likely signal a reversal. In the Oil space, WTI futures found resistance at Wednesday’s high of $114.05. A break of this resistance is required to confirm a resumption of the recent recovery and open $116.58, the Jun 17 high. For bears, a stronger reversal lower would signal the end of the recent climb and open key support at $101.53, the Jun 22 low.
  • In the FI space, Bund futures key short-term resistance has been defined at 149.00, the Jun 24 high, where a break is required to signal scope for a stronger recovery - towards 150.06, 61.8% retracement of the May 12 - Jun 16 bear leg. First support lies at 144.72, Tuesday’s low. Recent price action in Gilts has defined resistance at 114.55, Jun 24 high where a break would highlight potential for a stronger short-term recovery. Initial support is at 111.72, the Jun 29 low.