EQUITY TECHS: E-MINI S&P: (H6) Short-Term Weakness Appears Corrective
- RES 4: 7080.92 0.764 proj Nov 21 - Dec 11 - 18 price swing
- RES 3: 7021.79 0.618 proj Nov 21 - Dec 11 - 18 price swing
- RES 2: 7014.00 High Oct 30 and the bull trigger
- RES 1: 6994.00 High Dec 26
- PRICE: 6929.50@ 07:06 GMT Dec 31
- SUP 1: 6909.50/6858.92 20- and 50-day EMA values
- SUP 2: 6771.50 Low Dec 18 and a key support
- SUP 3: 6684.50 Low Nov 24
- SUP 4: 6583.00 Low Nov 21 and a reversal trigger
Short-term weakness in S&P E-Minis appears corrective. A key short-term support has been defined at 6771.50, the Dec 18 low. A break of this level is required to signal scope for a deeper retracement and would highlight a possible short-term reversal. For bulls, sights are on key resistance at 7014.00, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the primary uptrend.
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WTI TECHS: (F6) Bear Theme Intact
- RES 4: $71.38 - High Jun 23 and a key medium-term resistance
- RES 3: $67.16 - High Jul 30
- RES 2: $65.33 - High Sep 26 and key resistance
- RES 1: $61.84 - High Oct 24
- PRICE: $59.73 @ 07:10 GMT Dec 1
- SUP 1: $55.99 - Low Oct 20 and bear trigger
- SUP 2: $55.33 - Low May 1
- SUP 3: $54.72 - Low Apr 9 and a key support
- SUP 4: $53.53 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
Recent weakness in WTI futures highlights a bearish theme. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Note that it is still possible a bullish corrective cycle remains in play. The contract has recovered from its latest low, resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction.
MNI: SWISS OCT RETAIL SALES +0.7% M/M, +2.7% Y/Y (VS +0.5% M/M, +1.8% Y/Y SEP)
- MNI: SWISS OCT RETAIL SALES +0.7% M/M, +2.7% Y/Y (VS +0.5% M/M, +1.8% Y/Y SEP)
GOLD TECHS: Trend Needle Points North
- RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4400.0 - Round number resistance
- RES 2: $4381.5 - High Oct 20 and bull trigger
- RES 1: $4264.7 - 76.4% retracement of the Oct 20 - 28 correction
- PRICE: $4236.7 @ 07:23 GMT Dec 1
- SUP 1: $3991.7 - 50-day EMA
- SUP 2: $3886.6 - Low Oct 28 and a reversal trigger
- SUP 3: $3800.00 Round number support
- SUP 4: $3760.9 - Low Sep 29
The trend condition in Gold remains bullish and the bear phase between Oct 20 and 28 appears to have been a correction. Note that the recovery since Oct 28 signals the end of the corrective cycle. Key support to watch lies at the 50-day EMA, at $3991.7. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
