EQUITY TECHS: E-MINI S&P: (H5) Oversold But Remains Bearish
Mar-13 13:56
- RES 4: 6178.75 High Dec 6 ‘24 and key resistance
- RES 3: 6166.50 High Jan 19
- RES 2: 5949.30 50-day EMA
- RES 1: 5757.75/5853.88 High Mar 10 / 20-day EMA
- PRICE: 5596.25 @ 13:42 GMT Mar 13
- SUP 1: 5534.00 Low Mar 11
- SUP 2: 5523.00 Low Sep 11 2024
- SUP 3: 5499.25 Low Sep 9 2024
- SUP 4: 5444.55 76.4% retracement of the Aug 5 - Dec 6 ‘24 bull leg
The trend condition in S&P E-Minis remains bearish and fresh cycle lows this week reinforce current conditions. MA studies are in a bear-mode set-up and this highlights a dominant downtrend and bearish market sentiment. 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 5949.30, the 50-day EMA.
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MNI: US REDBOOK: FEB STORE SALES +5.3% V YR AGO MO
Feb-11 13:55
- MNI: US REDBOOK: FEB STORE SALES +5.3% V YR AGO MO
- US REDBOOK: STORE SALES +5.3% WK ENDED FEB 08 V YR AGO WK
CROSS ASSET: Bond futures are pushing through their lows
Feb-11 13:54
- Continued downside in Bonds futures, volumes are decent in Europe, but this was led on delta hedging need ahead of the heavy supply during the EU Morning session.
- Treasuries sees seller in TYH5 in 6k, USA 2k, and FVA 2.5k, but Volumes are still fairly subdued, US Govie desks will be focussed on the $58bn 3yr Notes later, but Mr Powell will be at the forefront in just over an hour.
- The next decent support in Bund is coming up at 132.72.
GILTS: Longs Reset In Futures On Monday
Feb-11 13:32
OI data points to ~4K fresh net longs being added in gilt futures on Monday.
- The previous two sessions had seen a cumulative ~18K of net long cover, which followed a period of net long setting seen across late January and early February.
