STIR: Dec BoE Pricing Stable, Over 80% Odds Of Cut Showing

• RES 4: 7000.00 Psychological round number 
• RES 3: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
• RES 2: 6974.04 3.382 proj of the Aug 20 - 28 - Sep 2 price swing 
• RES 1: 6953.75 High Oct 30 
• PRICE: 6878.50 @ 07:23 GMT Nov 3
• SUP 1: 6812.25/6795.74 High Oct 9 / 20-day EMA
• SUP 2: 6690.58 50-day EMA 
• SUP 3: 6540.25 Low Oct 10 and a key short-term support 
• SUP 4: 6506.50 Low Sep 5

The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. The fresh cycle high last week confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 6974.04 next, a Fibonacci projection point. Initial firm support to watch lies at 6795.74, the 20-day EMA. Key pivot support lies at 6690.58, the 50-day EMA.

• MNI: SWISS OCT CPI -0.3% M/M, +0.1% Y/Y
• SWISS OCT CORE CPI +0.5% Y/Y
• SWISS OCT SERVICES CPI +1.1% Y/Y
• SWISS OCT GOODS CPI -1.6% Y/Y
• SWISS OCT DOMESTIC GOODS CPI +0.5% Y/Y
• SWISS OCT IMPORTED GOODS CPI -1.3% Y/Y

• RES 4: $71.47 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.68 - High Jul 30
• RES 2: $65.77/68.43 - High Sep 26 and key resistance 
• RES 1: $62.59 - High Oct 24    
• PRICE: $61.29 @ 07:18 GMT Nov 3 
• SUP 1: $59.64/55.96 - Low Oct 23 & 30 / Low Oct 20 and bear trigger
• SUP 2: $54.85 - Low May 5
• SUP 3: $54.16 - Low Apr 9 and a key support
• SUP 4: $53.23 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

Recent gains in WTI futures appear corrective for now, however, note that price has recently traded through the 50-day EMA, currently at $61.05. The breach of this EMA signals scope for a stronger recovery. A resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low.