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Market News Topics
March 25, 2022 10:42 GMT
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.
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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.
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Please enter your details below.
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.
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