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Price Signal Summary - S&P E-Minis Hover Above The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-minis are consolidating but remain vulnerable following a sharp sell-off last week from above 4800.00. Attention is on the 50-day EMA that intersects at 4647.81. A clear break of this EMA would signal scope for a deeper pullback. A bearish threat remains present in EUROSTOXX 50 futures. The focus is on 4258.30, the 20-day EMA where a break would allow for a deeper pullback and expose the 50-day EMA at 4222.40.
  • In FX, EURUSD is still trading within a broad range and resistance at 1.1383/86 remains intact, the Nov 30 and Dec 31 high. The support to watch lies at 1.1222, Dec 15 low and the bear trigger at 1.1185, Jul 1, 2020. GBPUSD bullish conditions remain in place and sights are set on 1.3607 next, the Nov 9 high ahead of 1.3676, 76.4% of the Oct - Dec sell-off. Support to watch is at 1.3445, the 20-day EMA. EURGBP is weaker this morning. The trend condition remains bearish with sights on 0.8282/77 Feb’20 / Dec’19 lows and key bear triggers. Note too that 0.8300 represents the base of a broad range the cross has been trading within since 2016 and is seen as a major pivot support. The USDJPY trend outlook remains bullish following the break last week of 115.52, Nov 24 high. This confirmed a resumption of the uptrend and opens 117.08 next, 2.00 projection of Apr 23 - Jul 2 - Aug 4 price swing. 114.89, the 20-day EMA is seen as a firm support.
  • On the commodity front, Gold traded lower last week. The move reinforced the potential importance of the Jan 3 engulfing candle pattern and a bearish reversal signal. Attention is on the base of a bull channel drawn from the Aug 9 low, at $1783.2. A break would strengthen a bearish case and open $1753.7, Dec 15 low. Key resistance is unchanged at 1831.9, Jan 3 high. WTI futures remain in an uptrend. Scope is seen for a climb towards $81.73, Nov 10 high.
  • In the FI space, Bund futures remain bearish and the contract has traded lower this morning. The focus is on 169.34, Oct 29 low. Gilts remain in a downtrend and have trade through the 123.00 handle. This opens 122.66 next, 3.764 projection of the Dec 8 - 16 - 20 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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