EQUITY TECHS: E-MINI S&P: (H5) Monitoring Support
- RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing
- RES 3: 6200.00 Round number resistance
- RES 2: 6178.75 High Dec 6 and key resistance
- RES 1: 6060.01/6166.50 20-day EMA / High Jan 24
- PRICE: 5996.50 @ 14:22 GMT Feb 27
- SUP 1: 5924.00 Low Feb 25
- SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5842.50 Low Jan 14
- SUP 4: 5809.00 Low Jan 13 and a reversal trigger
The latest move down in S&P E-Minis still appears corrective, however, price has breached 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.
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EQUITIES: US Cash opening calls
US Equity futures have ran out of steam in the last few hour, the NQH5 has managed to bounce 3.18%, and the Emini 2.1% from Yesterday's low to their printed high today.
Looking at Cash Indices, SPX should see a small upside gap, but the NDX should be quite short of Yesterday's best level.
- Calls: SPX: 6,029.0 (+0.3%); DJIA: 44,750 (+0.1%/+36pts); NDX: 21,174.6 (+0.2%).
SONIA: Ratio call ladder
SFIG5 95.65/95.70/95.75c ladder 2x1x1, bought for 2.5 in 5k.
BUNDS: Making an attempt at the opening gap
- Bund is making another attempt at closing the opening gap, would need a test down to 131.33 initially, although better support is still eyed at 131.00.
- Tnotes, BTP and OAT are still holding but let's see how the price action develops in the German 10yr Bond.
