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Price Signal Summary - S&P E-Minis Extend This Week's Recovery

MARKET INSIGHT
  • In the equity space, S&P E-Minis are firmer today as the contract extends this week’s gains. The move higher refocuses attention on initial resistance at 4519.75, the Apr 8 high. Clearance of this level would suggest potential for a stronger recovery. Current gains are still considered corrective. The bear trigger is at 4355.50, Apr 18 low. EUROSTOXX 50 futures are also trading higher today. The contract is once again above the 50-day EMA and this has exposed initial resistance at 3888.00, the Apr 5 high. Clearance of this level would open the key resistance and bull trigger at 3944.00, the Mar 29 high. Key short-term support has been defined at 3684.00, Apr 12 low. A break would resume recent bearish activity.
  • In FX, EURUSD is firmer this morning. Price action has traded through resistance at 1.0904, the 20-day EMA. This is a positive short-term development and suggests potential for an extension higher near-term, potentially towards the 50-day EMA, at 1.1026. GBPUSD is slightly firmer but remains below 1.3147, the Apr 14 high. The pullback from this high is a bearish development. The primary trend remains down and a breach of 1.2974, Apr 13 low, would confirm a resumption of the downtrend. This would open 1.2933, the Nov 5 2020 low. Clearance of 1.3147 would alter the picture. USDJPY traded higher Wednesday, to a fresh cycle high of 129.40. Conditions remain bullish, despite still being in overbought territory. The focus is on 129.44 next, 0.764 projection of the Feb 24 - Mar 28 - 31 price swing. Sights are also set on the psychological 130.00 handle.
  • On the commodity front, Gold has this week failed to hold onto recent highs. The pullback from $1998.4, Apr 18 high, has resulted in a breach of the 20-day EMA and attention is on the 50-day EMA at $1926.5. A break of this EMA would suggest scope for a deeper pullback and expose $1890.2, the Mar 29 low and the key support. In the Oil space, WTI futures maintain a bullish tone despite this week’s retracement. Further gains would open $113.51, the Mar 24 high. Initial resistance is at $109.20, Apr 18 high. The support to watch lies at the 50-day EMA, at $97.37.
  • The trend condition in the FI space remains bearish. Bund futures resumed the downtrend Tuesday, breaking below last week’s lows and delivering a fresh cycle low. The focus is on 153.00 next. Gilts also resumed their downtrend Tuesday and traded through the 118.00 handle. The focus is on 117.04, 0.764 projection of the Mar 1 - 28 - Apr 4 price swing. Short-term gains are considered corrective.
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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