Here are the levels that we have identified this week as ‘ones to watch’ from yesterday’s trade.
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Equities: Mostly weaker yesterday… The S&P sold off to 7324. We are trying to recover this morning. 7400 is Marabuzo resistance. 7232 and 7159 are the next supports to watch on further weakness. The NASDAQ stayed below 28228 again, rallying to 28100 before seeing a sell-off back to 27200. The next downside targets are 26621, 26022 then 25431.
The DAX posted a Bearish Engulfing Line and the FTSE made a new high then sold off to leave a “Dark Cloud Cover More” pattern on the daily chart. Early trade today isn’t doing much to confirm these reversal patterns though.
Bonds: Bund Futures posted a big red candle. 124.74 is (Marabuzo) resistance now. T-Notes also sold off and are eyeing the recent low at 108.00 once more.
Dollar weakness on the Fed: Big green candles in EURUSD and GBPUSD. In EURUSD we would watch 1.1482 as resistance. 1.1425, 1.1369 and 1.1324 are supports to watch.
Gold and Silver both rallied yesterday but have given a chunk of it back overnight so “as you were”; rallies struggling to sustain. Mixed trade across the rest of the Metals complex.
Brent Crude rallied up to 88.59 yesterday and 89.50 overnight so the bulls are back on the front foot there. Gap resistance from Monday morning is still above at 90.32.
TTF Gas also put a big slab of green on the daily chart yesterday after holding support at 55.33 on Tuesday. We are watching 58.93 as support today.
AGS
Corn bounced off gap support at 468 overnight. Wheat is well bid overnight. Soybeans not so; posting a big red candle yesterday, failing to hold on to gap support at 1204; selling off to 1190 in response.
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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