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TECHS: Price Signal Summary - E-Mini S&P Trends Higher

MARKET INSIGHT
  • E-mini S&P futures rallied to a fresh trend high yesterday, clearing resistance at 3824.50, Jan 8 high. This opens the 3900.00 level next. Key trend support has been defined at 3740.50.
  • In FX, EURGBP remains weak following yesterday's break of support between 0.8867 and 0.8861, the Nov 23 and Nov 11 lows. This paves the way for a move towards 0.8808, May 13 low and 0.8759, May 12 low, 2020
  • EURUSD maintains a bearish short-term theme. Support levels to watch are:
    • 1.2054, Jan 18 low where a break would open 1.2011, Sep 1 high.
    • Resistance is at 1.2165 20-day EM
  • USDJPY has failed to breach the bear channel top drawn off the Mar 24 high that intersects at 104.09 today.
    • The pair is pulling away from recent highs and support at 103.53, Jan 13 low has been breached.
    • This opens 103.28 and 103.02, 61.8% and 76.4 % of the Jan 6 - 11 rally.
  • On the commodity front, Gold is firmer and yesterday's rally signals a potential reversal of the recent Jan 6 - 18 sell-off. Price is testing the 20- and 50-day EMAs where a clear break would open $1900.3, 76.4% of the Jan 6 - 11 rally. Oil contracts remain above support. Brent (H1) support to watch is at $53.97, the 20-day EMA and WTI (H1) support lies at $51.81, Jan 19 low.
  • In the FI space:
    • Bunds (H1) are off recent highs. Support is at 176.96, 61.8% of the Jan 12 - 14 rally.
    • Gilts (H1) resistance is seen at 134.58/66, the 20- and 50-day EMAs. A bearish outlook dominates while activity remains below these EMA levels.
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