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- In the equity space, S&P E-minis remain vulnerable following Friday’s sharp sell-off and yesterday’s move lower. Attention is on the 50-day EMA that intersects at 4567.21 today. This average has in the past proved to be a reliable support and represents a key pivot level. It has been tested however a clear break is required to signal potential for a deeper corrective decline. EUROSTOXX 50 futures traded lower again yesterday, down to 3995.00 before rebounding. A bearish risk remains present and potential is seen for weakness towards 3949.50, the Oct 6 low.
- In FX, EURUSD trend conditions remain bearish although for now, the pair remains in a bullish corrective cycle. Resistance points to watch are 1.1374, Nov 18 high and the 20-day EMA. Resistance points to watch are 1.1374, Nov 18 high and 1.1371, the 20-day EMA. This zone has been probed however a clear break is required to suggest scope for a stronger recovery. This would open 1.1514, the Nov 5 low. GBPUSD traded in a volatile manner Tuesday and has defined the day’s low of 1.3195 as a key short-term support. Trend signals remain bearish and a break of 1.3195 would confirm a resumption of the downtrend. Watch resistance at 1.3433, the 20-day EMA. USDJPY remains under pressure following Friday’s sharp sell-off and has probed support at 112.73, Nov 9 low. A clear break would strengthen the bearish case. Initial resistance is at 114.03, the 20-day EMA.
- On the commodity front, Gold traded lower yesterday. The short-term outlook is bearish with the focus on the base of the bull channel drawn from the Aug 9 low. The channel low intersects at $1759.6 today and is a key support. WTI futures remain in a downtrend despite the strong bounce from yesterday’s low. Attention is on $64.39 next, Aug 24 low.
- In the FI space, Bund futures remain in an uptrend. Resistance at 172.57, Nov 22 high has been probed. A break would open 172.95, 76.4% retracement of the Aug - Nov sell-off. Key support is at 170.31, Nov 24 low. Gilts rallied Friday and the contract maintains a firmer tone. Short-term pullbacks are considered corrective. Futures have cleared resistance at 126.23, high Nov 9 and attention is on the 127.00 handle next. Key support has been defined at 124.17, the Nov 24 low.