EQUITY TECHS: E-MINI S&P: (M5) Bull Cycle Intact
May-07 06:35
- RES 4: 5864.43 200-dma
- RES 3: 5837.25 High Mar 25 and a bull trigger
- RES 2: 5773.25 High Apr 2
- RES 1: 5724.75 High May 2
- PRICE: 5649.25 @ 07:24 BST May 7
- SUP 1: 5536.59 20-day EMA
- SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 4: 4832.00 Low Apr 7 and the bear trigger
Bullish conditions in S&P E-Minis remain intact. The contract has breached the 50-day EMA, at 5622.98. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support to watch is 5536.59, the 20-day EMA.
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EQUITIES: European Equities are plummeting in early trade
Apr-07 06:35
- Estoxx futures (VGM5) has fully cleard the 4600.00, and is now close to test the next immediate support at 4542.27 3.000 proj of the Mar 3 - 11 - 19 price swing.
- At current levels, the Cash (SX5E) is set to open down 4.5% at 08.00BST.
RATINGS: Affirmations On Friday
Apr-07 06:34
Sovereign rating reviews of note from after hours on Friday include:
- Fitch affirmed Italy at BBB; Outlook Positive
- Fitch affirmed Slovenia at A; Outlook changed to Positive
- Morningstar DBRS confirmed the United States of America at AAA, Stable Trend
USD: The CHF and Yen lead the early gains in G10
Apr-07 06:31
- The Swiss Franc and the Yen are the best performer into the European session, a continuation of late and from the Overnight session, as they act as safer Haven Currencies give the huge Risk Off Tone.
- While the USDJPY fell all the way to print a 144.82 low overnight, it has since recovered some 70 pips, but still trades in a wide 230 pips.
- USDCHF is down 1.27% and is eyeing a test to 0.8477, Friday's low.
