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Price Signal Summary - S&P E-Minis Bearish Threat Still Present

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain below resistance at 4099.00, May 9 high. The contract remains vulnerable following a fresh trend low on Friday. Attention is on 3801.97, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont). 3807.50, Friday’s low is the bear trigger. A break of resistance at 4099.00 is required to signal a base. The primary trend direction in EUROSTOXX 50 futures is down. A corrective cycle is still in play though following the recovery from 3466.00, May 10 low. Price last week probed the 50-day EMA, today at 3727.1. A clear break of this average would improve a short-term bullish theme. On the downside, key support and the bear trigger is unchanged at 3466.00.
  • In FX, EURUSD has cleared the 20-day EMA, and 1.0642, the May 5 high. The current bull cycle started at 1.0350, May 13 low and from the base of a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0848 and is a potential short-term objective. Initial support is at 1.0533, May 20 low. GBPUSD started the week on a firmer note, trading above last week’s high of 1.2525 and the 20-day EMA at 1.2500. This signals scope for a stronger recovery and opens 1.2638, the May 4 high and a key resistance. Today’s pullback is - for now - considered corrective. Initial firm support lies at 1.2438, May 20 low. USDJPY is trading closer to its recent lows. Recent weakness has exposed the next key support at 126.95, Apr 27 low. The current pullback is likely a correction. A break of 126.95 however would signal scope for an extension, towards the 50-day EMA at 125.86. A reversal higher and a move above 129.78, May 17 high would be bullish.
  • On the commodity front, Gold started the week on a firmer note. The yellow metal has traded above resistance at $1859.0, the 20-day EMA. This opens the 50-day EMA at $1885.3. The move higher is still considered corrective and the trend direction remains down. A resumption of bearish activity would refocus attention on last week’s $1787.0 low (May 16). In the Oil space, WTI futures maintain a firm tone. The contract last week breached resistance at $110.07, Mar 24 high. A resumption of gains would open $116.43, the Mar 7 trend high. Initial support is at $103.24, the May 19 low.
  • In the FI space, Bund futures resistance has been defined at $155.33 May 12 high. The trend direction remains down and an extension lower would open 150.49, the May 9 and the bear trigger. The broader trend condition in Gilts remains down. The contract has recently found resistance at 121.07, May 12 high. The bear trigger is at 116.87, May 9 low.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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