EM LATAM CREDIT: Argentina Reports a Primary Budget Surplus For April

SPX: 5,338.3 (-1.1%); DJIA: 40,234 (-0.3%/-135pts); NDX: 18,482.5 (-1.8%).

• RES 4: 5906.75 High Mar 6   
• RES 3: 5837.25 High Mar 25 and the reversal trigger        
• RES 2: 5701.85 50-day EMA
• RES 1: 5498.03 20-day EMA                             
• PRICE: 5372.25 @ 14:14 BST Apr 16   
• SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce                      
• SUP 2: 4832.00 Low Apr 7 and the bear trigger 
• SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
• SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing  

A reversal higher in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5498.03, the 20-day EMA. Resistance at the 50-day EMA is at 5701.85. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. A break of this level would resume the M/T downtrend.

• MNI speaks with a former St. Louis Fed economist William Emmons -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com