MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - S&P E-Minis Trend Needle Still Points North

MARKET INSIGHT
  • In the equity space, S&P E-Minis are consolidating, the outlook however remains bullish. Fresh highs last week reinforces the current trend direction and this signals scope for a climb towards 4204.75 next, May 31 high and the next key resistance. Initial key support is 3998.05, the 50-day EMA. EUROSTOXX 50 futures trend conditions remain bullish and last week’s high print reinforces this theme. The contract has cleared the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. This opens 3840.00, the Jun 6 high. Initial firm support to watch is 3597.20, the 50-day EMA.
  • In FX, the EURUSD short-term conditions are bullish as long as price holds above support at 1.0097, the Jul 27 low. A resumption of gains would signal scope for a continuation higher inside the bull channel drawn from the Feb 10 high - the top intersects at 1.0370. Weakness below 1.0097 would alter the picture. A bullish short-term theme in GBPUSD remains intact and last week’s pullback is considered corrective. Price has recently traded above the 50-day EMA and the next objective at 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial support to watch lies is at 1.2004, Friday’s low. USDJPY is trading closer to its most recent highs. It is still possible that recent gains are a correction. The price levels to watch are; 136.91, the former bull channel support breached on Jul 28 and a key resistance and 130.41, last Tuesday’s low and a bear trigger.
  • On the commodity front, Gold maintains a firmer tone despite Friday’s pullback. The yellow metal has recently breached the 50-day EMA and attention is on trendline resistance at $1799.6. The trendline is drawn from the Mar 8 high. A breach of the line would represent an important technical break and highlight a stronger reversal of the 5-month downtrend. Initial firm support lies at $1754.4 the Aug 3 low. In the Oil space, WTI futures remain vulnerable following last week’s move lower. Price has breached support at $88.23, Jul 14 low and a key support. This opens$85.37, the Mar 15 low.
  • In the FI space, a short-term bull cycle in Bund futures remains intact and the recent pullback is considered corrective. Scope is seen for a climb to 159.79 next, the Apr 4 high (cont). Initial firm support is 154.88, the 20-day EMA. The trend condition in {GB} Gilts remains bullish and pullbacks are considered corrective. Two support level to watch are:
    • 116.33, 50-day EMA.
    • 116.27 Trendline support drawn from the Jun 16 low.
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Metals bulletForeign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesEquitiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.