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Price Signal Summary - S&P E-Minis Starts The Week On A Firmer Note

MARKET INSIGHT
  • In the equity space, S&P E-Minis have started the week on a firmer note and the contract is extending Friday’s gains and is approaching two key resistance points; 3950.00, the Jun 28 high and the 50-day EMA at 3956.84. Clearance of this resistance zone would strengthen a bullish case and signal scope for a stronger recovery. Key short-term support to watch is 3723.75, the Jul 14 low. A break would be bearish. EUROSTOXX 50 futures have also started the week on a firmer note and today’s climb has resulted in a break of resistance at 3504.00, the Jul 8 high. The breach exposes the 50-day EMA at 3555.80 and 3584.00, the Jun 27 high. A break of this zone is required to suggest scope for a stronger short-term recovery. On the downside, the key support and bear trigger is unchanged at 3343.00, the Jul 5 low.
  • In FX, EURUSD is trading higher this morning and the pair has moved above initial resistance at 1.0122, the Jul 13 high. This is potentially an early sign that the pair has entered a corrective cycle, allowing for a recovery within the range of the bear channel. The channel is drawn from the Feb 10 high. Attention is on 1.0191 next, the Jul 8 high. Key support has been defined at 0.9952, the Jul 14 low. GBPUSD remains vulnerable but is also trading higher. Short-term gains are considered corrective and firm resistance is seen at 1.2049, the 20-day EMA. A break would signal scope for a stronger short-term climb. Key support has been defined at 1.1760, the Jul 14 low. USDJPY remains in an uptrend. Sights are on 139.48, 1.00 projection of the Jun 16 - 22 - 23 price swing and the 140.00 psychological handle.
  • On the commodity front, Gold remains in a downtrend and last week’s trend lows reinforce bearish conditions. This has opened $1690.6 next, the Aug 9 2021 low. Firm resistance is seen at $1769.7, the 20-day EMA. In the Oil space, WTI futures remain in a downtrend, however the recovery from last Thursday’s low highlights a potential short-term base. In pattern terms, Jul 14 is a hammer candle pattern - a short-term reversal signal. $100.00 has been tested, further gains would open $105.04, the 50-day EMA.
  • In the FI space, a short-term bull cycle in Bund futures remains in play. The focus is on the 154.00 handle. Trend conditions in Gilts remain bullish and scope is seen for a climb to 117.48, 1.236 projection of the Jun 16 - 24 - 29 price swing. Initial firm support to watch lies at 114.08, the Jul 8 low.
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Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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