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Price Signal Summary - S&P E-Minis Bearish Shooting Star Candle

MARKET INSIGHT
  • In the equity space, charts are highlighting some short-term bearish threats. S&P E-minis failed to hold onto Monday's high. In pattern terms, the candle formation on this day is a shooting star and does highlight a potential short-term top. If correct, this leaves support at 4625.25 exposed, the Nov 10 low. Key resistance is Monday's high of 4740.50. The recent sell-off has been steeper in EUROSTOXX 50 futures. The contract has traded through the 20-day EMA and this exposes the 50-day EMA at 4233.80. This average is a key support parameter.
  • In FX, trend conditions are unchanged in the USD and the uptrend remains firmly intact. EURUSD remains in a downtrend. The pair is trading below the base of its bear channel drawn from the Jun 1 high. The focus is on 1.1185 next, the Jul 1, 2020 low. Resistance is at 1.1374, the Nov 18 high. GBPUSD probed support at 1.3353, the Nov 12 low. The focus is on 1.3334, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing. Resistance is at 1.3514, the Nov 18 high. USDJPY has cleared last week's high and breached the 115.00 handle. This confirms a resumption of the underlying uptrend with attention on 115.51 next, the Mar 10, 2017 high. Support has been defined at 113.59, the Nov 19 low.
  • On the commodity front, Gold remains vulnerable following this week's move lower. The yellow metal has cleared the 20- and 50-day EMAs and this opens the base of a bull channel at $1755.4. The channel is drawn off the Aug 9 low. WTI futures have rebounded off recent lows. Further gains would open $80.68, Nov 16 high where a break would strengthen short-term conditions for bulls. Key short-term support has been defined at $74.76, Nov 22 low.
  • In the FI space, Bund futures have pulled back from recent highs. A deeper pullback would expose the key support at 170.06, Nov 5 low. Gilts maintain a bullish tone. Watch key support at 125.40, Nov 17 low. A break would alter the picture.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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