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Price Signal Summary - S&P E-Minis Climb Exposes The ATH

MARKET INSIGHT
  • In the equity space, S&P E-minis futures bounced this week from Monday’s low of 4520.25. The contract traded higher again yesterday and is holding onto this week’s gains. Note too that the price is above the 50-day EMA, 4595.14. This is a bullish short-term development and suggests scope for an extension higher. The key resistance and bull trigger is 4743.23, the all-time high from Dec 16. EUROSTOXX 50 futures are trading at this week’s highs and short-term bullish conditions have improved following yesterday’s gains through the 50-day EMA. The continuation opens resistance at 4234.00, the Dec 16 high and a firmer resistance at 4270.00, Dec 8 high.
  • In FX, EURUSD is still trading sideways. The pair remains below resistance at 1.1383, Nov 30 high where a break is required to signal potential for a stronger recovery. Support to watch lies at 1.1222, Dec 15 low and 1.1186, Nov 24 low. The latter is a key support and the bear trigger. GBPUSD is firmer this morning. The rally Wednesday has eased recent bearish pressure and today’s break of resistance at 1.3374, the Dec 16 high suggests potential for an extension of current gains. The focus is on the 50-day EMA at 1.3414. The USDJPY traded higher Wednesday and the pair breached resistance at last Weds/Thurs' 114.25/26 highs. A clear break of this hurdle would strengthen bullish conditions and open 114.38, the 61.8% Fibonacci retracement of the Nov 24 - 30 downleg and also signal potential for a stronger rally. The 76.4% level is at 114.81.
  • On the commodity front, last week’s channel break in Gold appears to have been a false one and the strong recovery from the Dec 15 low of $1753.7, suggests the yellow metal is reversing its recent downtrend. Watch resistance at $1815.6, the Nov 26 high. A breach would strengthen bullish conditions. Support is at $1773.1, the channel base. WTI futures have recovered from Monday’s low of $66.12 and once again traded higher yesterday. The contract has probed key near-term resistance at $73.13, the Dec 9 high. A clear break of this hurdle would remove the recent bearish threat and instead suggest scope for a stronger recovery towards $74.54 initially, 61.8% of the Oct - Dec sell-off.
  • In the FI space, Bund futures have breached support at 173.40, the Dec 8 low. This also means that the price is trading back below the 20-day EMA. The break suggests scope for a deeper short-term pullback and has opened 172.70 next, the Nov 26 low. Gilts yesterday breached support at 125.44, Nov 26 low. This opens 124.94 next, the Nov 25 high and gap low on the daily chart.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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