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February 28, 2022 10:49 GMT
Price Signal Summary - S&P E-Minis Technical Signals Point To A S/T Base
MARKET INSIGHT
- In the equity space, the S&P E-minis trend condition remains bearish. However, short-term technical signals highlight potential for a correction near-term. Bullish divergence between price and momentum signals scope for some unwinding of recent weakness or at the very least, a period of consolidation. Note that last Thursday’s candle pattern is a hammer - a short-term reversal signal. The next resistance is at 4412.50, the 20-day EMA. 4101.75, the Feb 24 low, is the bear trigger. EUROSTOXX 50 futures traded down sharply last Thursday. Price however remains above recent lows. The break lower confirms a resumption of the bear cycle and futures have recently cleared a number of key support levels. This suggests scope for a deeper sell-off and has opened 3727.00, the Mar 25 2021 low on the continuation chart. The bear trigger is 3749.50, Feb 24 low. Resistance to watch is at 4049.50, the Feb 23 high.
- In FX, EURUSD remains vulnerable following last week’s move lower. The trigger for a resumption of weakness is 1.1106, Feb 24 low. A break would open 1.1040, 76.4% retracement of the Jan ‘21 - Mar ‘21 bull phase. Resistance is seen at 1.1280, Feb 14 low. The GBPUSD outlook remains bearish. A sharp sell-off last week resulted in the break of a number of support levels. An extension lower would expose 1.3163, Dec 8 low. USDJPY key short-term support at 114.16, the Feb 2 low, remains intact. While it holds, trend conditions are bullish. A move higher would refocus attention on the bull trigger at 116.35, this year’s high on Jan 4.
- On the commodity front, volatile price action in Gold last week saw the yellow metal reverse sharply from the session high of $1974.3 on Feb 24 . Conditions remain bullish however gold is back inside its bull channel, drawn from the Aug 9 2021 low. The channel top intersects at $1940.1 today and represents a key short-term resistance. Watch support at $1878.4, the Feb 24 low low. WTI futures remain in an uptrend despite the pullback from last Thursday’s high. The $100.00 level has been probed and a clear breach of this psychological barrier would strengthen current trend conditions and open 102.01 next, 3.382 projection of the Dec 2 - 9 - 20 price swing.
- In the FI space, Bund futures remain in a short-term bullish corrective cycle. A resumption of gains would signal potential for a climb towards the 50-day EMA at 168.50. Support to watch is at 165.16, the Feb 22 low. The trend condition in Gilts remains bearish. Resistance to watch is at 123.53, the Feb 18 high. A break would signal potential for a stronger short-term climb. Key near-term support is at 121.10, the Feb 16 low.
To read the full story
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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.
Sign up now for free trial access to this content.
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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