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Price Signal Summary - S&P E-Minis Crosses Above The 50-day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis have continued to extend this week’s gains. Attention remains on the 50-day EMA that intersects at 4564.03 today. The average has been probed however, a clear break is still required to suggest scope for a stronger recovery that would open 4671.75 initially, Jan 18 high. Initial support to watch is 4438.50, the Feb 4 low. EUROSTOXX 50 futures have traded higher again today and price has crossed above the 50-day EMA that intersects at 4196.50. The EMA marks a key resistance point and a clear break would suggest scope for a stronger recovery towards 4324.50, Jan 13 high. A reversal lower again though would refocus attention on 3990.50, Jan 24 low.
  • In FX, EURUSD is consolidating and trading closer to its recent highs. The recent consolidation appears to be a bull flag, reinforcing the current uptrend. The focus is on 1.1483/84 next, the Jan 14 and Feb 4 high. A break would resume bullish activity. Support is seen at 1.1331, the former bear channel top. GBPUSD maintains its short-term bullish theme following last week’s gains. The focus is on 1.3662 next, Jan 20 high. Support lies at 1.3491/3435, Feb 7 and Feb 1 low. USDJPY continues to climb and trend conditions remain bullish. The pair has breached initial resistance at 115.67/68, 76.4% of the Jan 4 - 24 downleg and the Jan 28 high. This strengthens bullish conditions and signals scope for a climb towards 116.35, this year’s high on Jan 4 and the key bull trigger.
  • On the commodity front, Gold has continued to strengthen this week. The recovery has resulted in a break of resistance at $1822.2, the Jan 27 high. An extension would expose the firm resistance at $1853.9, Jan 25 high. Note that the recovery this week also suggests that the recent break of the bull channe,l drawn from the Aug 9, 2021 low, has again been a false one. WTI futures remain in a clear uptrend however the contract appears to have entered a corrective cycle. The focus is on a climb towards $94.13 next, 2.618 projection of the Dec 2 - 9 - 20 price swing. Support to watch is at $86.34, the Jan 31 low.
  • In the FI space, Bund futures remain vulnerable. The focus is on 164.82, the May 3, 2019 low (cont). Gilts trend conditions remain bearish. Sights are on the 120.00 psychological handle.
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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