EQUITY TECHS: E-MINI S&P: (H5) Approaching The Next Key Support
Mar-14 13:48
- RES 4: 6178.75 High Dec 6 ‘24 and key resistance
- RES 3: 6166.50 High Jan 19
- RES 2: 5932.70 50-day EMA
- RES 1: 5675.00/5822.79 High Mar 12 / 20-day EMA
- PRICE: 5589.50 @ 13:37 GMT Mar 14
- SUP 1: 5509.25 Low Mar 13
- SUP 2: 5499.25 Low Sep 9 2024
- SUP 3: 5444.55 76.4% retracement of the Aug 5 - Dec 6 ‘24 bull leg
- SUP 4: 54000.00 Round number support
The trend condition in S&P E-Minis remains bearish and fresh cycle lows this week have reinforced current conditions. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend Sights are on the next important support at 5499.25, the Sep 9 2024 low. Note that the short-term trend condition is oversold, a corrective bounce would allow this set-up to unwind. Firm resistance to watch is 5932.70, the 50-day EMA.
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STIR: Next Fed Cut Not Fully Priced Until December Following CPI
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Unequivocally hawkish market reaction to the firmer-than-expected CPI data.
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- FFZ5 briefly prints 1.0 tick above its January low.
- SFRZ5 briefly prints 2.5 ticks above its January low.
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- Bund has fully closed the gap down to 132.34, and extended as low as 132.19 following the beat in the US CPI, it fell a total of 41 ticks post Data.
- Looking at Technical, focus will be on the Yield and the 2.50%.
- Today, reference 132.26, this level equates to 131.99.
US TSY FUTURES: BLOCK: March'25 2Y Post-Data Buy
Feb-12 13:41
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