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

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain in a short-term uptrend and have delivered a fresh cycle high print today. The contract continues to trade at levels above the 50-day EMA that intersects at 4411.94 today. Scope is seen for a climb towards 4578.50, the Feb 9 high. Initial support is at the 20-day EMA, at 4375.64. EUROSTOXX 50 futures continue to trade inside its current range and the recent consolidation appears to be a bull flag. A bullish theme remains in place and attention is on the 50-day EMA at 3866.40. This average represents an important resistance. If cleared, it would further strengthen a bullish short-term theme and open 3965.50, the Feb 23 high.
  • In FX, EURUSD is consolidating. Resistance at 1.1137, Mar 17 high, remains intact. Trend signals highlight a downtrend and the recent pullback signals a resumption of the bear cycle. The focus is on 1.0890, the Mar 9 low and 1.0806, Mar 7 low and the bear trigger. A break of 1.1137 would alter the picture. GBPUSD has failed to hold on to recent highs. The subsequent move lower means key resistance at 1.3337, the 50-day EMA, remains intact. Watch support at 1.3120, the Mar 22 low. A break would be bearish. The USDJPY uptrend remains intact and the pair has traded above 122.00. The focus is on 122.47, the 2.382 projection of the Dec 3 - Jan 4 - 24 price swing.
  • On the commodity front, Gold traded higher Thursday. The short-term outlook however remains bearish following the recent sharp pullback from the Mar 8 high of $2070.4. Key support is at the 50-day EMA that intersects at $1899.6. A break of the EMA would signal scope for a deeper pullback. Firm S/T resistance is seen at $2009.2, Mar 10 high. Oil markets remain bullish. The next objective in WTI is $118.34, 76.4% of the Mar 7 - 15 downleg.
  • In the FI space, Bund futures have this week cleared the 160.00 handle, confirming a resumption of the downtrend. The focus is on 157.92 150.0% retracement of the Feb 10 - Mar 7 rally. Gilts have this week breached key support at 121.10, Feb 16 low. This signals scope for a test of the 120.00 handle next.
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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