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TECHS: Price Signal Summary - Key Support In Treasuries Remains Exposed

MARKET INSIGHT
  • In the equity space conditions are unchanged and bulls remain in charge. E-mini S&P futures are consolidating close to recent highs. The focus is on the psychological 4000 level.
  • In the FX space:
    • In EURUSD 1.1990, Mar 11 high, represents the trigger for a stronger S/T recovery. Continued weakness would open 1.1836, Mar 9 low where a break confirms a resumption of this year's downtrend.
    • USDJPY remains in an uptrend. The focus is on 109.56, 61.8% of the Mar 2020 - Jan downleg and an important pivot resistance. Support is at 108.34 Mar 10 low.
      • The trend remains overbought. Price however has yet to display a reversal and signal a top.
  • On the commodity front, a bullish engulfing candle in Gold on Mar 9 is still in play. It highlights a S/T base at $1676.9, Mar 8 low. The focus is on the 20-day EMA at $1745.1. For bears, a break of $1676.9 would resume the downtrend. Oil contracts remain below the Mar 8 high. The short-term directional risk appears skewed to the downside. The key directional triggers are unchanged at:
    • Brent (K1) - $71.38, Mar 8 high and $66.50, Mar 10 low.
    • WTI (J1) - $67.98, Mar 8 high and $63.13, Mar 10 low.
  • In the FI space, BTPs (M1) pivot resistance is at 150.69, 76.4% of the Feb 12 - 26 sell-off. A break would strengthen a bullish argument. In Bunds (M1), the resistance to watch today is 172.20, Mar 11 high and in Gilts (M1), 129.27, Mar 2 high remains the key near-term resistance. Gilt futures traded lower Monday to confirm a resumption of the downtrend. The directional risk is still skewed to the downside. Trend conditions in Treasuries remain bearish. Key support at 131-23, Mar 5, 12 and 15 low remains exposed. A break would open 130-07, Feb 2, 2020 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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