EU TECHNOLOGY: Dell Headline

• RES 4: 5837.25 High Mar 25 and a bull trigger     
• RES 3: 5773.25 High Apr 2       
• RES 2: 5618.25 50-day EMA and a key resistance 
• RES 1: 5597.25 High Apr 28                              
• PRICE: 5568.00 @ 07:23 BST Apr 30   
• SUP 1: 5355.25/5127.25 Low Apr 24 / 21 and a key support                       
• SUP 2: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
• SUP 3: 4832.00 Low Apr 7 and the bear trigger
• SUP 4: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing 

A corrective bull cycle in S&P E-Minis that started on Apr 7, remains in play. The contract has breached a number of important short-term resistance points. Price has cleared the 20-day EMA and pierced 5528.75, the Apr 10 high. The next key resistance is 5618.25, the 50-day EMA. A clear breach of this EMA would strengthen a bull theme. Initial key support lies at 5127.25, the Apr 21 low. A break would be bearish.

• The Dollar was mostly range bound against most G10, trading nearer flat, aside from the Aussie, which was the best early performer after the Australian CPI came above consensus.
• The AUD is still the best performer post the Cash EU Govie open, testing session high, but the cross is still short of Yesterday's high of 0.6450, the highest print since the 9th December.
• The Yen is the early mover, what was surprising was that it didn't move as much Overnight, looking back at the Overnight Data, the Japanese IP and Retail Sales disappointed, so possibly EU Desks catching up.
• Some could point at the US Yield a touch higher, but overall US Yields have been down, after Trump signed some directive easing the impact of its tariffs on the Auto Industry.
• This is more of a Yen move, near session lows against the like of the GBP, EUR and AUD, albeit just off these level at the time of typing.

• RES 4: $75.51 - High Jan 15 and a key resistance   
• RES 3: $72.56 - High Feb 20
• RES 2: $71.76 - High Apr 2 and key resistance
• RES 1: $65.38 - 50-day EMA  
• PRICE: $59.60 @ 07:20 BST Apr 30 
• SUP 1: $58.29/54.67 - Low Apr 10 / 9 and the bear trigger  
• SUP 2: $53.72 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $52.54 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $50.00 - Psychological round number  

A medium-term bearish theme in WTI futures remains intact and the latest move down reinforces this theme, signalling the end of the correction between Apr 9 - 23. The correction allowed an oversold trend condition to unwind. A clear resumption of the bear cycle would open $53.72, a Fibonacci projection. Initial support to watch is at $58.29, the Apr 29 low. Resistance to watch is $65.38, the 50-day EMA.