PACIFIC NATGAS: Cali Natgas Prices Fall

• RES 4: 5906.75 High Mar 6   
• RES 3: 5837.25 High Mar 25 and the reversal trigger        
• RES 2: 5724.13 50-day EMA
• RES 1: 5512.18 20-day EMA                             
• PRICE: 5479.50 @ 14:10 BST Apr 14   
• 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 short-term reversal 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 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.

SX7E (20th June) 180c, bought for 4.25 in 12k vs 3.84k at 168.00.

• The Dollar is still paring some losses, purely an FX move, Risk Tone is on the balance On, but the ranges in Equities are fairly small, limited.
• Even the push lower in US Yield isn't affecting the Dollar, nor the USDJPY, in fact even the USDJPY is gaining some ground.
• The street is clearly focussed on Powell and the ECB this Week, and there hasn't been any new news nor headline on that small leg higher in the Dollar.
• Some of the lighter flows, Volumes suggest that most are likely on the sidelines at this point.