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TECHS: Price Signal Summary - S&P E Minis Firm Above 4000

MARKET INSIGHT
  • In the equity space:
    • S&P E-minis needle continues to point north. The contract traded higher again Friday and is approaching 4124.75, 1.382 projection of the Feb 1 - Feb 16 - Mar 4 price swing.
    • EUROSTOXX 50 is consolidating but maintains a bullish tone with the focus on 4000.00. A break would open 4047.72, 2.236 projection of the Dec 21 - Jan 8 - Jan 28 price swing.
  • In the FX world, EURUSD maintains a short-term bullish tone despite pulling back from recent highs. The focus is on 1.1939, the 50-day EMA and a key resistance area. A clear break is required to suggest scope for an extension higher. The GBPUSD outlook remains bearish. Last week, the pair stalled at the former bull channel base drawn off the Nov 2 low. Resistance has been defined at 1.3919, Apr 6 high. The key support to watch and bear trigger is 1.3670, Mar 25 low. A brief test of this support this morning failed to result in a clear break. EURGBP maintains a short-term bull tone. Last week's gains resulted in the break of a key resistance zone at 0.8646, Mar 24 high and 0.8653, the 50-day EMA. This opens 0.8731, Feb 26 high. USDJPY traded lower last week as a corrective cycle extends. Support at 109.38, the 20-day EMA has been probed. A clear break would open 109.13, Mar 26 low.
  • On the commodity front:
    • Gold is holding onto the bulk of recent gains. Key resistance at $1755.5, Mar 18 high has been probed. The yellow metal also needs to clear $1759.2, the 50-day EMA to suggest scope for a stronger bounce.
    • Brent (M1) key directional triggers are unchanged.
      • Resistance is at $65.39, Mar 29 high with key support at $60.33, Mar 23 low and the bear trigger.
    • WTI (K1) directional triggers are:
      • Resistance at $62.27, Mar 30 high and support at $57.25, Mar 23 low and the bear trigger
  • In the FI space, key support to watch in Bunds (M1) remains 170.52, Mar 18 low. Key resistance is 172.66, Mar 25 high. The key support and bear trigger in Gilts (M1) is unchanged at 126.79, Mar 18 low. Initial firm resistance is at 128.93, Mar 25 high.
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