CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - S&P E-Minis Remain Vulnerable

MARKET INSIGHT
  • In the equity space, S&P E-minis remain vulnerable. The sell-off late last week and yesterday, signals potential for a deeper pullback. Futures are back below the 50-day EMA, at 4589.37. A clear breach of this EMA would strengthen a bearish threat and expose key support at 4485.75, the Dec 3 low. EUROSTOXX 50 futures remain vulnerable too, having failed to hold onto last week’s high of 4234.00 on Dec 16. Yesterday's bearish pressure, despite a bounce, has exposed the key support handle at 3980.00, the Nov 30 low and the bear trigger.
  • In FX, EURUSD is still trading sideways. The pair remains below resistance at 1.1383, Nov 30 high where a break is required to signal potential for a stronger recovery. Support to watch lies at 1.1222, Dec 15 low and 1.1186, Nov 24 low. The latter is a key support and the bear trigger. GBPUSD failed to hold onto last week’s high of 1.3374 on Dec 16. The reversal lower highlights a potential resumption of the underlying downtrend and attention is on support at 1.3163, the Dec 8 low and the bear trigger. USDJPY lacks a clear direction for now. The near-term directional triggers are; 114.26, the Dec 15 high and 113.14, Friday’s low. USDCAD yesterday probed key resistance at 1.2949, the Aug 20 high. A clear break would open 1.3024, 38.2% of the Mar ‘20-Jun ‘21 downleg.
  • On the commodity front, last week’s channel break in Gold appears to have been a false one and the strong recovery from last week’s low of $1753.7, Dec 15 low suggests the yellow metal is reversing its recent downtrend. Watch resistance at $1815.6, the Nov 26 high. A breach would strengthen bullish conditions. WTI futures traded lower today and despite rebounding from the session low, remain vulnerable. The move lower has resulted in a breach of support at $69.21 and this paves the way for a weakness towards $66.62, the Dec 6 low and more importantly exposes the key support at $62.26, the Dec 2 low.
  • In the FI space, Bund futures remain in an uptrend and above support at 173.40, the Dec 8 low. This level needs to be cleared to signal a short-term reversal. The key resistance and bull trigger is unchanged at 175.02, Dec 8 high. Gilts are trading lower and attention turns to support at 126.34, Dec 16 low. A break would sour the short-term tone and expose 125.44, the Nov 26 low and gap high on the daily chart. The trigger for a resumption of strength is 127.67, Dec 8 high.
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

To read the full story

Close

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.