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TECHS: Price Signal Summary - Directional Triggers Defined In S&P E-Minis

MARKET INSIGHT
  • In the equity space, S&P E-minis key directional triggers have been defined. Support lies at 4110.50, Apr 21 low and resistance is at 4183.50, Apr 16 high.
  • In the FX world, a gravestone doji in EURUSD Tuesday warns of a possible top. Key short-term resistance is at Tuesday's high of 1.2080. Key support to watch is 1.1943, Apr 19 low. Gains above 1.2080 would resume the uptrend. GBPUSD traded higher Tuesday but did find resistance at the former bear channel base drawn off the Nov 2, 2020 low. This week's high of 1.4009 marks a key short-term resistance. Support is at 1.3810, Apr 19 low. USDJPY has this week traded through 108.41, Mar 23 low and through the 50-day EMA. The next key support and pivot level is 107.70, a trendline support drawn off the Jan 6 low.
  • On the commodity front, Gold maintains a bullish tone. The focus is on $1805.7, Feb 25 high. Brent (M1) remains below Tuesday's high of $68.08. Key support to watch is$63.22, the 50-day EMA. WTI (M1) found resistance this week at $64.38, Tuesday's high. The 50-day EMA at $59.54 is seen as a firm intraday support.
  • In the FI space, Bunds (M1) have tested the 20-day EMA. A clear breach of this average would open 171.62, Apr 14 high. Support to watch in Gilts (M1) remains 127.81, Apr 14 low. The key resistance is at 129.27, Mar 2 high and the reversal trigger.
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