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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

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