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Market News Topics
April 12, 2022 09:59 GMT
Price Signal Summary - S&P E-Minis Have Breached The 50-day EMA
MARKET INSIGHT
- In the equity space, S&P E-Minis have traded lower today, extending Monday’s bearish start to the week. The contract has breached the 50-day EMA, which intersects at 4454.59 and this reinforces a bearish threat. The move below 4400.00 signals scope for weakness towards 4362.63 next, 4362.63 50.0% retracement of the Feb 24 - Mar 29 rally. EUROSTOXX 50 futures have also traded lower today. Price has recently moved below the 20- and 50-day EMAs and breached support at 3735.00, Mar 18 low. The move lower undermines the recent bull theme and highlights a developing bearish threat. An extension lower would open 3626.50, 50.0% of the Mar 7 - 29 rally.
- In FX, EURUSD is unchanged and remains vulnerable The recent failure at 1.1185, Mar 31 high, highlights a bearish threat. Attention is on 1.0806, the Mar 7 low and a bear trigger. The GBPUSD outlook remains bearish and support at 1.3000, Mar 15 low, remains exposed. The focus is on 1.2954, 1.764 projection of the Jan 13 - 27 - Feb 10 price swing. Resistance is at 1.3136, the 20day EMA. USDJPY started the week on a firm note and is holding onto its gains. The pair has cleared 125.09, the Mar 28 high. The break confirms a resumption of the primary uptrend. This paves the way for strength towards 125.86 next, the Jun 5 2015 high and a major resistance.
- On the commodity front, Gold traded higher yesterday and probed initial resistance at $1966.1, Mar 24 high. A clear breach of this hurdle would signal a range breakout and suggest scope for an extension of short-term gains. This would open $1980.3 initially, 50.0% retracement of the Mar 8 - 29 downleg. Support lies at $1913.0, the 50-day EMA. In the Oil space, WTI futures remain bearish. The print below the 50-day EMA suggests scope for a continuation lower. The focus is on the next key support at $92.20, Mar 15 low. Initial firm resistance has been defined at $105.59, the Apr 5 high.
- In the FI space, Bund futures have traded lower once again today, confirming a resumption of the primary downtrend. The next objective is the 154.00 handle. Gilts continue to trade lower too and recent weakness has confirmed a resumption of the primary downtrend. The focus is on 118.05, 0.618 projection of the Mar 1 - 28 - Apr 4 price swing.
To read the full story
Close
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.
Sign up now for free trial access to this content.
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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