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Market News Topics
March 21, 2022 10:52 GMT
Price Signal Summary - S&P E-Minis Have Cleared The 50-DAY EMA
MARKET INSIGHT
- In the equity space, S&P E-Minis traded higher last week and are holding onto recent gains. The contract has cleared the 50-day EMA that intersects at 4400.17 today. The break improves the short-term bullish condition and opens 4578.50, the Feb 9 high. A strong reversal from current levels would instead be seen as a bearish signal. Initial support is seen at 4323.83, the 20-day EMA. EUROSTOXX 50 futures traded higher last week and price remains at its recent highs. The move higher has exposed the 50-day EMA, at 3878.10 - a key short-term resistance.
- In FX, EURUSD last week, traded above key resistance at 1.1121, the Jan 28 low. A clear break of this hurdle would signal potential for a bullish extension near-term. This would open 1.1200, the 2.0% 10-dma envelope as well as the 50-day EMA just below, at 1.1193. A failure to hold onto levels around the 1.1121 handle would instead highlight a bearish threat. GBPUSD remains in a downtrend and last week’s gains are considered corrective. A resumption of weakness would open; 1.2954, the 1.764 projection of the Jan 13 - 27 - Feb 10 price swing and 1.2933, the Nov 5 2020 low. The bear trigger is 1.3000, Mar 15 low and resistance is seen at 1.3234, 20-day EMA. USDJPY remains bullish following last week’s breach of resistance at 118.60/66, the Jan 3 ‘17 and Dec 15 ‘16 highs. This has strengthened bullish conditions and sights are on 119.90, the bull channel top drawn from the Jun 1 2021 high and the 120.00 psychological handle.
- On the commodity front, Gold is off its recent lows. Short-term conditions remain bearish though following the recent pullback from $2070.4, Mar 8 high. Attention is on $1892.5 next, the 50-day EMA. The broader trend condition is bullish though and the recent pullback is considered corrective. Initial resistance to watch is at $1954.7, the Mar 15 high. Oil markets have recovered from recent lows. WTI is trading above last Tuesday's low of $93.53. The recent recovery means the 50-day EMA, at $94.32, has remained intact. Resistance is at $110.29, the Mar 11 high. A break of this level would signal scope for a stronger short-term rally.
- In the FI space, Bund futures are consolidating. The contract remains in a downtrend following last week’s break of key support at 161.50, the Feb 10 low and a medium-term bear trigger. The break opens the 160.00 handle. Gilts last week probed the key support at 121.10, Feb 16 low. A clear break would open 120.00 and confirm a resumption of the broader downtrend. Resistance is seen at 123.52, the Mar 9 high. Gains are considered corrective.
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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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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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