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May 18, 2022 09:57 GMT
Price Signal Summary - S&P E-Minis Gains Considered Corrective
MARKET INSIGHT
- In the equity space, recent gains in S&P E-Minis are considered corrective and the primary trend direction remains down. Last week’s continuation lower and fresh cycle lows, reinforce the downtrend and signal scope for a continuation lower. The next objective is 3843.25, the Mar 25 2021 low (cont). The key short-term resistance is 4303.50, the Apr 26/28 high. Initial firm resistance is at 4099.00, May 9 high. The primary trend direction in EUROSTOXX 50 futures remains down. However, the contract is currently in a corrective cycle following the recovery from 3466.00, May 10 low. Price is trading at its recent highs and has probed resistance at 3739.60, the 50-day EMA. A clear break of this EMA would improve a short-term bullish theme. On the downside, key support and the bear trigger is 3466.00.
- In FX, EURUSD remains in a downtrend and short-term gains are considered corrective. A resumption of weakness would open 1.0341, the Jan 3 2017 low and a key support. Resistance is at 1.0580, the 20-day EMA. GBPUSD traded higher Tuesday and the pair cleared 1.2406, the May 9 high. This improves short-term conditions for bulls. Attention is on the next resistance at 1.2510, the 20-day EMA, where a break would open 1.2638, the May 4 high and a key resistance. On the downside, key support has been defined at 1.2156, May 13 low. This is also the bear trigger. USDJPY is consolidating. The primary uptrend remains intact. Initial firm support has been defined at 127.52, May 12 low. A resumption of gains would refocus attention on the bull trigger at 131.35, May 9 high. A break would open 131.96, the 1.00 projection of the Feb 24 - Mar 28 - 31 price swing.
- On the commodity front, Gold remains vulnerable following last week’s resumption of the downtrend and recent short-term gains are considered corrective. The yellow metal traded through $1800.0 on Monday. The focus is on $1780.4, the Jan 28 low. In the Oil space, WTI futures maintain a firm note, following recent gains. The contract has breached resistance at $111.37, May 5 high and $113.51, the Mar 24 high. A continuation higher would open $118.13, the Mar 9 high and the $120.00 handle.
- In the FI, Bund futures remain in a downtrend and the contract has pulled away from recent highs. Resistance has been defined at $155.33 May 12 high. 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 found resistance at 121.07, May 12 high. The bear trigger is at 116.87, May 9 low.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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