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Price Signal Summary - S&P E-Minis Key Support Is At The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-Minis are trading lower this morning and have breached Monday’s low of 4501.25. The pullback is considered corrective and key support is unchanged at the 50-day EMA that intersects at 4452.75. A clear break of this average is needed to signal a top. The bull trigger is at 4633.44, 76.4% of the Jan 4 - Feb 24 downleg and just above the Mar 29 high. EUROSTOXX 50 futures are also lower this morning and the contract is back below its 20- and 50-day EMAs. The key short-term support to watch is 3735.00, the Mar 18 low. A break of this level would threaten the recent bullish theme and suggest scope for a deeper pullback. Key near-term resistance has been defined at 3944.00, Mar 29 high
  • In FX, EURUSD traded lower Tuesday, extending the pullback from 1.1185, Mar 31 high. The recent failure at 1.1185 and more importantly, the inability to remain above the 50-day EMA, highlighted a developing bearish threat and this week’s sell-off has reinforced this theme. The break of 1.0945 signals opens 1.0806, the Mar 7 low. GBPUSD remains vulnerable and the focus is on 1.3000 next, the Mar 15 low and a bear trigger. Key resistance is unchanged at the 50-day EMA - it intersects at 1.3277 today. USDJPY remains above last week’s low of 121.28 (Mar 31). A corrective cycle is still in play despite recent gains, with resistance at 125.09 intact, the Mar 28 trend high. 121.28 is a key short-term support. A break would allow for an extension lower and open 120.95, Mar 24 low ahead of the 120.00 handle. For bulls, clearance of 125.09 would confirm a resumption of the primary uptrend.
  • On the commodity front, Gold is still range bound. The yellow metal recently found support at $1890.2, on Mar 29, and this level represents the short-term bear trigger. Initial resistance is at $1966.1, Mar 24 high. In the Oil space, WTI futures continue to trade above the 50-day EMA at $97.78 - a key pivot support. Initial resistance is at $108.75, the Mar 30 high. For bears, a break of the 50-day EMA would signal potential for a deeper retracement.
  • In the FI space, the Bund futures are trading lower. Key near-term resistance is seen at 159.92, the 20-day EMA. A resumption of weakness would open the 156.00 handle. Gilts have found resistance at 122.35, Monday’s high. This means key resistance at 122.72, the Mar 18 high, remains intact The broader trend direction is bearish and the bear trigger is at 119.86, Mar 28 low.
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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