MNI DAILY TECHNICAL ANALYSIS - S/T Trend Still Bearish Stocks
Mar-19 08:24By: Edward Hardyand 1 more...
Price Signal Summary – S/T Trend Still Bearish Stocks
The trend condition in S&P E-Minis remains bearish and the
contract continues to trade closer to its recent lows. Moving average studies
are in a bear-mode set-up highlighting a dominant downtrend. Eurostoxx
50 futures have recovered from their recent lows. The M/T trend direction
remains up and the recent pullback is considered corrective. Support to watch
is the 50-day EMA, at 5326.29. It has recently been pierced.
The trend outlook in GBPUSD remains bullish and the pair continues
to trade at its recent highs. Moving average studies remain in a bull-mode
position, highlighting a clear dominant uptrend. USDJPY maintains a
firmer short-term tone. The 20-day EMA has been breached and this signals
potential for a climb towards the 50-day EMA, at 151.28. Note that the Mar 3
high is at 151.30. A short-term bullish theme in AUDUSD remains intact and Monday’s rally reinforces this theme. Key resistance at 0.6409, the Feb 21 high, remains exposed. Clearance of this hurdle would strengthen a bull cycle and confirm a resumption of the uptrend.
A clear uptrend in Gold remains intact and this week’s resumption
of the bull cycle reinforces current conditions. The yellow metal has cleared
the psychological $3000.0 handle. A bearish condition in WTI futures
remains intact and the latest round of gains appear corrective - for now.
Recent weakness resulted in a breach of $69.80, the Feb 4 low. This confirmed a
resumption of the downtrend that started Jan 15.
Bund futures remain inside a range for now. A bearish trend theme is intact. A recent impulsive sell-off reinforced this theme and has signalled scope for an extension towards 126.28 next. The short-term trend outlook in Gilt futures remains bearish and short-term gains are - for now - considered corrective. A resumption of the downtrend would pave the way for a test of 90.71, the Mar 6 low and a bear trigger.
FOREIGN EXCHANGE
EURUSD TECHS: Trend Needle Points North
RES 4: 1.1083 High Oct 2 2024
RES 3: 1.1040 High Oct 4 2024
RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
RES 1: 1.0955 High Mar 18
PRICE: 1.0932 @ 05:56 GMT Mar 19
SUP 1: 1.0823/1.0721 Low Mar 13 / 20-day EMA
SUP 2: 1.0586 50-day EMA and a short-term pivot level
SUP 3: 1.0471 Low Mar 4
SUP 4: 1.0360 Low Feb 28 and a key support
EURUSD is holding on to its recent gains. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Bulls have their sights on 1.0961 next, a Fibonacci retracement. Clearance of this level would strengthen the current uptrend and open 1.1040, the Oct 4 ‘24 high. Initial key support to watch lies at 1.0586, the 50-day EMA. The uptrend is overbought, a pullback would unwind this set-up.
GBPUSD TECHS: Bull Trend Remains Intact
RES 4: 1.3175 High Oct 4 2024
RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
RES 2: 1.3048 High Nov 6 ‘24
RES 1: 1.3010 High Mar 18
PRICE: 1.2981 @ 06:18 GMT Mar 19
SUP 1: 1.2911 Low Mar 14
SUP 2: 1.2818 20-day EMA
SUP 3: 1.2682 50-day EMA and a short-term pivot support
SUP 4: 1.2556 Low Feb 28
The trend outlook in GBPUSD remains bullish and the pair continues to trade at its recent highs. Moving average studies remain in a bull-mode position, highlighting a clear dominant uptrend. The pair has recently breached a Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg. The clear break of this price point opens 1.3048, the Nov 6 2024 high. Initial firm support is 1.2682, the 50-day EMA.
EURGBP TECHS: Support Remains Intact
RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg
RES 3: 0.8494 High Aug 26 ‘24
RES 2: 0.8474 High Jan 20 and a key resistance
RES 1: 0.8450 High Mar 11
PRICE: 0.8416 @ 06:27 GMT Mar 19
SUP 1: 0.8369/8348 Low Mar 14 / 50-day EMA
SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger
SUP 3: 0.8223 Low Dec 19 and a key support
SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
A bull cycle in EURGBP remains in play. A bullish engulfing candle on Mar 14 - a reversal pattern - signals a potential resumption of the trend and the end of the recent corrective pullback. Initial firm support to watch lies at 0.8348, the 50-day EMA. For bulls, a continuation higher and a break of 0.8450, the Mar 11 high, would open 0.8474, the Jan 20 high and the next key resistance. Clearance of this level would strengthen bullish conditions.
USDJPY TECHS: Corrective Cycle
RES 4: 154.80 High Dec 12 ‘24 and a key resistance
RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg
RES 2: 151.28/30 50-day EMA / High Mar 3 /
RES 1: 150.18 High Mar 5
PRICE: 149.94 @ 06:47 GMT Mar 19
SUP 1: 147.45/146.54 Low Mar 14 / 11 and the bear trigger
SUP 2: 145.40 2.0% 10-dma envelope
SUP 3: 145.00 Round number support
SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg
USDJPY maintains a firmer short-term tone. The 20-day EMA has been breached and this signals potential for a climb towards the 50-day EMA, at 151.28. Note that the Mar 3 high is at 151.30. Clearance of both levels is required to highlight a stronger reversal. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend - this suggests short-term gains are corrective. The bear trigger is at 146.54, the Mar 11 low.
EURJPY TECHS: Impulsive Rally Extends
RES 4: 165.43 High Nov 8
RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
RES 2: 164.55 High Jan 7
RES 1: 164.19 High Mar 18
PRICE: 163.57 @ 06:57 GMT Mar 19
SUP 1: 161.50 Low Mar 17
SUP 2: 160.09 50-day EMA
SUP 3: 158.90 Low Mar 10
SUP 4: 158.00 Round number support
A bull cycle in EURJPY remains in play and the latest impulsive rally reinforces current conditions. The contract traded to a fresh cycle high on Tuesday and pierced resistance at 164.08, the Jan 24 high. This strengthens the bullish condition and a continuation higher would open 164.90, the Dec 30 ‘24 high. The bull cycle is overbought, a pullback would allow this condition to unwind. Firm support lies at 160.09, the 50-day EMA.
AUDUSD TECHS: Key Resistance Remains Exposed
RES 4: 0.6429 High Dec 12 ‘24
RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
RES 2: 0.6409 High Feb 21 and a bull trigger
RES 1: 0.6391 High Mar 17 / 18
PRICE: 0.6347 @ 07:32 GMT Mar 19
SUP 1: 0.6313 20-day EMA
SUP 2: 0.6259/6187 Low Mar 11 / Low Feb 4
SUP 3: 0.6171/6088 Low Feb 4 / 3 and a key support
SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
A short-term bullish theme in AUDUSD remains intact and Monday’s rally reinforces this theme. Key resistance at 0.6409, the Feb 21 high, remains exposed. Clearance of this hurdle would strengthen a bull cycle and confirm a resumption of the uptrend that started Feb 3. On the downside, a move below key short-term support at 0.6187, the Mar 4 low, is required to reinstate a bear threat. First support to watch is 0.6259, the Mar 11 low.
USDCAD TECHS: Key Near-Term Support Remains Intact For Now
RES 4: 1.4793 High Feb 3 and key resistance
RES 3: 1.4700 Round number resistance
RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
RES 1: 1.4452/4543 High Mar 13 / 4 and a bull trigger
PRICE: 1.4326 @ 07:57 GMT Mar 19
SUP 1: 1.4242 Low Mar 6 and a key near-term support
SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
SUP 3: 1.4011 Low Dec 5 ‘24
SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
The bull cycle in USDCAD that started Feb 14 remains intact, and moving average studies reinforce this condition - they remain in a bull-mode position. Note that the latest pullback has exposed a near-term key support at 1.4242, the Mar 6 low. Clearance of this level would undermine a bullish theme and instead highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. Key resistance and the bull trigger, is at 1.4543, the Mar 4 high.
FIXED INCOME
BUND TECHS: (M5) Trend Structure Remains Bearish
RES 4: 130.40 Low Feb 19
RES 3: 129.96 High Mar 5
RES 2: 129.41 Low Jan 14
RES 1: 128.33/129.03 High Mar 10 / 20-day EMA
PRICE: 127.93 @ 05:35 GMT Mar 19
SUP 1: 126.53 Low Mar 11
SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing
SUP 3: 126.00 Round number support
SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing
Bund futures remain inside a range for now. A bearish trend theme is intact. A recent impulsive sell-off reinforced this theme and has signalled scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range. Note that the contract is still in oversold territory, a recovery would allow this condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low.
BOBL TECHS: (M5) Bear Cycle Remains Intact
RES 4: 118.310 Low Mar 3
RES 3: 118.090 High Mar 5
RES 2: 117.850 Low Feb 20
RES 1: 117.316 38.2% retracement of the Feb 28 - Mar 6 sell-off
PRICE: 117.080 @ 05:40 GMT Mar 19
SUP 1: 116.250 Low Mar 6 and the bear trigger
SUP 2: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing
SUP 3: 116.309 3.618 proj of the minor Feb 28 - Mar 3 - 4 price swing
SUP 4: 116.202 3.764 proj of the minor Feb 28 - Mar 3 - 4 price swing
Bobl futures remain in consolidation mode and the contract continues to trade closer to its recent lows. The trend condition remains bearish. Former support at 117.850, the Feb 20 low, has recently been cleared. The sell-off signals scope for an extension towards 116.000. Note that the S/T trend is oversold. Gains would be considered corrective and a recovery would allow this set-up to unwind. Firm resistance to watch is seen at 117.850, the Feb 20 low.
SCHATZ TECHS: (M5) Corrective Recovery
RES 4: 107.120 High Mar 4 and key resistance
RES 3: 106.905 High Mar 5
RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg
RES 1: 106.762 50.0% retracement of the Mar 4 - 6 bear leg
PRICE: 106.685 @ 05:40 GMT Mar 19
SUP 1: 106.530/405 Low Mar 10 / 6 and the bear trigger
SUP 2: 106.350 2.000% retracement proj of the Feb 19 - Mar 4
SUP 3: 106.259 2.236% retracement proj of the Feb 19 - Mar 4
SUP 4: 106.203 2.382% retracement proj of the Feb 19 - Mar 4
A bearish condition in Schatz futures remains intact. Recent weakness resulted in a breach of key support at 106.735, the Feb 19 low. The break of this level strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350 next, a Fibonacci retracement. The trend is oversold and the latest recovery is allowing this to unwind. First resistance is 106.762, a Fibonacci retracement.
GILT TECHS: (M5) Trading Below Resistance
RES 4: 94.00 Round number resistance
RES 3: 93.79 High Mar 4 and a bull trigger
RES 2: 93.06 Low Mar 4 and a gap high on the daily chart
RES 1: 92.37/63 High Mar 17 / 7 and a key resistance
PRICE: 92.16 @ Close Mar 18
SUP 1: 91.07/90.71 Low Mar 13 / 6
SUP 2: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing
SUP 3: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing
SUP 4: 89.71 2.000 proj of the Feb 6 - 20 - Mar 4 price swing
The short-term trend outlook in Gilt futures remains bearish and short-term gains are - for now - considered corrective. A resumption of the downtrend would pave the way for a test of 90.71, the Mar 6 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 90.49, a Fibonacci projection. Initial firm resistance is 92.63, Mar 7 high. A move above this level would instead strengthen a bullish theme.
BTP TECHS: (M5) Gains Allow For An Unwinding Of The Oversold Condition
RES 4: 120.39 High Feb 28
RES 3: 119.31 Low Mar 4 and a gap high on the daily chart
RES 2: 118.56 High Mar 5
RES 1: 117.63 20-day EMA
PRICE: 116.85 @ Close Mar 18
SUP 1: 115.75 Low Mar 14 and the bear trigger
SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing
SUP 3: 115.00 Round number support
SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing
Short-term gains in BTP futures are considered corrective. Note that the trend has recently been in oversold territory and a recovery is allowing this condition to unwind. Resistance to watch 117.63, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.
EQUITIES
EUROSTOXX50 TECHS: (H5) Trend Needle Points North
RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
RES 2: 5600.00 Round number resistance
RES 1: 5515.00/5575.00 High Mar 10 / 3 and the bull trigger
PRICE: 5481.00 @ 06:27 GMT Mar 19
SUP 1: 5326.29/5284.00 50-day EMA / Low Mar 11
SUP 2: 5249.00 Low Feb 5
SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg
SUP 4: 5185.00 Low Feb 4
Eurostoxx 50 futures have recovered from their recent lows. The M/T trend direction remains up and the recent pullback is considered corrective. Support to watch is the 50-day EMA, at 5326.29. It has recently been pierced. A clear break of this average would highlight a stronger short-term bear threat and suggest scope for a deeper retracement towards 5202.00, a Fibonacci retracement. A continuation higher would open the 5600.00 handle.
E-MINI S&P: (M5) Oversold But Remains Bearish
RES 4: 5955.55 50-day EMA
RES 3: 5864.25 Low Jan 13 and a recent breakout level
RES 2: 5830.45 20-day EMA
RES 1: 5759.75 High Mar 17
PRICE: 5671.00 @ 07:18 GMT Mar 19
SUP 1: 5559.75 Low Mar 13 and the bear trigger
SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
The trend condition in S&P E-Minis remains bearish and the contract continues to trade closer to its recent lows. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend. Sights are on 5483.50, a Fibonacci projection. Note that the short-term trend condition is oversold. Recent gains are considered corrective and the bounce is allowing this set-up to unwind. Firm resistance to watch is 5955.55, the 50-day EMA.
COMMODITIES
BRENT TECHS: (K5) Gains Appear Corrective
RES 4: $79.98 - High Jan 15 and a reversal trigger
RES 3: $76.78 - High Feb 11 and a bull trigger
RES 2: $72.97 - 50-day EMA and a pivot resistance
RES 1: $71.92 - Low Feb 26
PRICE: $70.10 @ 06:59 GMT Mar 19
SUP 1: $68.33 - Low Mar 5
SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
SUP 3: $66.36 1.618 proj of the Jan 15 - Feb 4 - 11 price swing
SUP 4: $63.90 2.000 proj of the Jan 15 - Feb 4 - 11 price swing
Recent gains in Brent futures appear corrective. The trend condition is unchanged and the direction remains down. Recent weakness resulted in the breach of a number of support points and price has delivered a break of the $70.00 handle. The move down maintains the bearish price sequence of lower lows and lower highs. The focus is on $67.87, the Sep 10 2024 low. On the upside, initial firm resistance to watch is $72.97, the 50-day EMA.
WTI TECHS: (K5) Bear Cycle Remains In Play
RES 4: $76.57 - High Jan 15 and the bull trigger
RES 3: $72.91 - High Feb 11 and key resistance
RES 2: $69.29 - 50-day EMA
RES 1: $68.50 - High Mar 18
PRICE: $66.46 @ 07:12 GMT Mar 19
SUP 1: $64.85 - Low Mar 5
SUP 2: $63.73 - Low Sep 10 ‘24 and a key medium-term support
SUP 3: $60.00 - Psychological round number
SUP 4: $59.40 - 2.00 proj of the Jan 15 - Feb 4 - 11 price swing
A bearish condition in WTI futures remains intact and the latest round of gains appear corrective - for now. Recent weakness resulted in a breach of $69.80, the Feb 4 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $63.73 next, the Oct 10 ‘24 low. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key pivot resistance to watch is $69.29, 50-day EMA.
GOLD TECHS: Northbound
RES 4: $3100.0 - Round number resistance
RES 3: $3079.2 - 2.618 proj of the Nov 14 - Dec 12 - 19 price swing
RES 2: $3056.8 - 2.500 proj of the Nov 14 - Dec 12 - 19 price swing
RES 1: $3045.3 - Intraday high
PRICE: $3040.9 @ 07:13 GMT Mar 19
SUP 1: $2999.5 - Low Mar 18
SUP 2: $2932.9/2858.9 - 20-day EMA / 50-day EMA
SUP 3: $2832.7 - Low Feb 28 and key support
SUP 4: $2758.3 - Low Jan 30
A clear uptrend in Gold remains intact and this week’s resumption of the bull cycle reinforces current conditions. The yellow metal has cleared the psychological $3000.0 handle. Bulls have their sights on 3056.84next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Key trend support is at $2832.7, Feb 28 low.
SILVER TECHS: Holding On To Its Latest Gains
RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
RES 2: $34.548 - High Oct 29 ‘24
RES 1: $34.081 - High Mar 14
PRICE: $33.862 @ 08:02 GMT Mar 19
SUP 1: $32.783 - 20-day EMA
SUP 2: $32.026/30.815 - 50-day EMA / Low Feb 28 and key support
SUP 3: $29.704 - Low Jan 27
SUP 4: $28.748 - Low Dec 19 and a bear trigger
Silver is holding on to its latest gains. The recent rally resulted in a clear break of key resistance at $33.397, the Feb 14 high. The breach confirms a resumption of the bull cycle that started Dec 19 and maintains the price sequence of higher highs and higher lows. This signals scope for a climb towards $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Key trend support has been defined at $30.814, the Feb 28 low.