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Price Signal Summary - S&P E-Minis Extend Gains And Clear Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis remain firm and have breached resistance at 4472.00, Sep 27 high. This signals potential for stronger gains near-term and opens 4500.00 and 4539.50, Sep 3 high and the bull trigger. EUROSTOXX 50 futures are trading close to recent highs and holding onto the bulk of last week's gains. The focus is on 4200.50, Sep 24 high.
  • In FX, EURUSD is trading higher and has breached its 20-day EMA at 1.1625. The break signals scope for a stronger short-term corrective bounce and potentially opens the 50-day EMA that intersects at 1.1704. GBPUSD is firmer too and testing resistance at 1.3795, 76.4% of the Sep 14 -29 downleg. A clear break of this level would open 1.3913, Sep 14 high. USDJPY maintains a bullish tone and short-term dips would be considered corrective. Initial resistance is at 114.50, 1.382 projection of Apr 23 - Jul 2 - Aug 4 price swing. Initial support lies at 113.65, Oct 15 low.
  • On the commodity front, Gold failed to hold onto recent highs and Friday's sharp reversal lower highlights a developing bearish threat, despite today's recovery. Short-term resistance has been defined at $1800.6, the Oct 14 high. A move lower would expose support at $1746.0, Oct 6 low. WTI trend conditions remain bullish. The focus is on $84.00 next.
  • In the FI space, the path of least resistance remains down. Recent Bund weakness has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 169.92, Oct 14 high. Gilt futures remain in a downtrend. A resumption of weakness would refocus attention on 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.29, the 20-day EMA. Treasuries yesterday resumed their downtrend. Sights are on 130-07 next, 1.764 projection of the Aug 4 - 11 - 17 price swing.
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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