EQUITY TECHS: E-MINI S&P: (H5) Has Entered Oversold Territory
- RES 4: 6178.75 High Dec 6 ‘24 and key resistance
- RES 3: 6166.50 High Jan 19
- RES 2: 5963.30 50-day EMA
- RES 1: 5757.75/5880.10 High Mar 10 / 20-day EMA
- PRICE: 5582.75 @ 07:24 GMT Mar 12
- SUP 1: 5534.00 Low Mar 11
- SUP 2: 5523.00 Low Sep 11 2024
- SUP 3: 5499.25 Low Sep 9 2024
- SUP 4: 5444.55 76.4% retracement of the Aug 5 - Dec 6 ‘24 bull leg
A bear threat in S&P E-Minis remains present and fresh cycle lows this week reinforce current conditions. MA studies are in a bear-mode set-up and this highlights a dominant downtrend and bearish market sentiment. Sights are set on the next important support at 5499.25, the Sep 9 2024 low. Note that the short-term trend condition is oversold, a corrective bounce would allow this set-up to unwind. Firm resistance to watch is 5963.30, the 50-day EMA.
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USD: A wide range session in FX
- A wide range session in FX after US President Trump once again threatens 25% Tariffs, but this time on everyone and on all Steel and Aluminium Imports.
- Price action in metals overnight have been steady, but Gold continues to register all Time record high, clearly some Safe Haven interest must be at play.
- For G10 FX, going into the European session, the CAD was the Overnight worst performer, was down 0.37%, albeit well within Friday's wide range following the US Data beat, but has been taken over by the Yen, with USDJPY back above 152.00, although there's very little movements in Yields.
- USDJPY printed a 152.21 high overnight, and this will be seen as the initial immediate resistance, now at 152.06.
GOLD TECHS: Fresh Cycle High
- RES 4: $3000.0 - Psychological round number
- RES 3: $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 2: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $2900.0 - Round number resistance
- PRICE: $2894.7 @ 07:31 GMT Feb 10
- SUP 1: $2834.3 - Low Feb 6
- SUP 2: $2776.3 - 20-day EMA
- SUP 3: $2754.3 - Low Jan 30
- SUP 4: $2716.9 - 50-day EMA
A bull cycle in Gold remains in play and the yellow has again traded to a fresh cycle high, today. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2900.0 handle next. The first key support to watch is $2776.3, the 20-day EMA.
EURJPY TECHS: Pierces Key Support
- RES 4: 162.70 High Jan 28
- RES 3: 161.40 50-day EMA
- RES 2: 160.50 20-day EMA
- RES 1: 157.97/158.86 Low Feb 3 / High Feb 6
- PRICE: 156.79 @ 07:20 GMT Feb 10
- SUP 1: 155.61 Intraday low
- SUP 2: 155.19/15 3.0% 10-dma envelope / Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
A bear cycle in EURJPY remains present and last week’s move down reinforces current conditions. The cross cleared 158.24, 76.4% of the Dec 3 - 30 bull cycle, and pierced 156.18, the Dec 3 low and key support. A continuation lower would open 155.15, the Sep 16 ‘24 low. Initial firm resistance to watch, and a pivot level, is 161.40, the 50-day EMA. The short-term trend is oversold, gains would allow this condition to unwind.
