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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.
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals Technical AnalysisForeign Exchange Technical AnalysisMetals bulletFixed Income Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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