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Price Signal Summary - WTI Futures Trade Through The 50-Day EMA

MARKET INSIGHT
  • In the equity space, S&P E-Minis trend readings remain bearish and short-term gains are still considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the downtrend. The focus is on 3600.00 next. Initial resistance is at 3843.00, the Jun 15 high. EUROSTOXX 50 futures remain vulnerable despite recent gains. Recent weakness reinforced bearish conditions and the contract is trading lower today. Attention is on the 3300.00 handle next. 3567.00 is first resistance, Jun 16 high.
  • In FX, the EURUSD outlook is unchanged and conditions remain bearish. Short-term gains are still considered corrective and the focus is on weakness towards 1.0350, the May 13 low and bear trigger. Initial firm resistance is at 1.0601, the Jun 16 high. GBPUSD continues to trade above last week’s low. The primary trend is down and attention is on 1.1934, Jun 14 low and the short-term bear trigger. Resistance to watch is unchanged at 1.2406, the Jun 16 high. USDJPY broke to new cycle highs Tuesday. The break higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. A bull channel is also evident on the daily chart - drawn from the Mar 4 low. The top, at 139.07, is a near-term objective too.
  • On the commodity front, a bearish threat in Gold remains present. The focus is on $1787.0, May 16 low where a break would resume the downtrend. Key trendline resistance to watch is at $1881.6. The trendline is drawn from the Mar 8 high and a breach would instead highlight a bullish development. In the Oil space, WTI futures are trading on a softer note. The contract has cleared support at the 50-day EMA. The break lower has opened $100.66, the May 19 low. A breach of this level would pave the way for a move towards $95.47, the May 11 low. Initial firm resistance is seen at $116.58, the Jun 17 high.
  • In the FI space, Bund futures primary direction remains down and the focus is on the 140.00 psychological handle. Recent consolidation appears to be a bear flag, reinforcing the downtrend. Gilts remain in a downtrend and short-term gains are considered corrective. A resumption of weakness would refocus attention 109.89, Jun 16 low and the near-term bear trigger.
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  • In the equity space, S&P E-Minis trend readings remain bearish and short-term gains are still considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the downtrend. The focus is on 3600.00 next. Initial resistance is at 3843.00, the Jun 15 high. EUROSTOXX 50 futures remain vulnerable despite recent gains. Recent weakness reinforced bearish conditions and the contract is trading lower today. Attention is on the 3300.00 handle next. 3567.00 is first resistance, Jun 16 high.
  • In FX, the EURUSD outlook is unchanged and conditions remain bearish. Short-term gains are still considered corrective and the focus is on weakness towards 1.0350, the May 13 low and bear trigger. Initial firm resistance is at 1.0601, the Jun 16 high. GBPUSD continues to trade above last week’s low. The primary trend is down and attention is on 1.1934, Jun 14 low and the short-term bear trigger. Resistance to watch is unchanged at 1.2406, the Jun 16 high. USDJPY broke to new cycle highs Tuesday. The break higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. A bull channel is also evident on the daily chart - drawn from the Mar 4 low. The top, at 139.07, is a near-term objective too.
  • On the commodity front, a bearish threat in Gold remains present. The focus is on $1787.0, May 16 low where a break would resume the downtrend. Key trendline resistance to watch is at $1881.6. The trendline is drawn from the Mar 8 high and a breach would instead highlight a bullish development. In the Oil space, WTI futures are trading on a softer note. The contract has cleared support at the 50-day EMA. The break lower has opened $100.66, the May 19 low. A breach of this level would pave the way for a move towards $95.47, the May 11 low. Initial firm resistance is seen at $116.58, the Jun 17 high.
  • In the FI space, Bund futures primary direction remains down and the focus is on the 140.00 psychological handle. Recent consolidation appears to be a bear flag, reinforcing the downtrend. Gilts remain in a downtrend and short-term gains are considered corrective. A resumption of weakness would refocus attention 109.89, Jun 16 low and the near-term bear trigger.