MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Short-Term Trend Condition in E-Mini S&P Remains Bearish

EQUITIES
Credit BulletsHomepageCreditEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Eurostoxx 50 futures traded to a fresh cycle low Friday, before recovering. Despite the bounce, a bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4860.60, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, Feb 19 low. Initial firm resistance is 4923.80, the 20-day EMA. The short-term trend condition in S&P E-Minis is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has recently cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is seen at 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.


Keep reading...Show less
252 words

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.

Eurostoxx 50 futures traded to a fresh cycle low Friday, before recovering. Despite the bounce, a bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has traded through 4860.60, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and opens 4711.00, Feb 19 low. Initial firm resistance is 4923.80, the 20-day EMA. The short-term trend condition in S&P E-Minis is unchanged and remains bearish. Friday’s extension reinforces current short-term conditions. The contract has recently cleared support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is seen at 5153.25, the 20-day EMA. A clear break of the average would signal a possible reversal.


Keep reading...Show less