EQUITY TECHS: E-MINI S&P: (M5) Bulls Remain In The Driver’s Seat
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5927.00 High May 13
- PRICE: 5918.50 @ 14:31 BST May 14
- SUP 1: 5648.28 50-day EMA
- SUP 2: 5455.50 Low Apr 30
- SUP 3: 5355.25 Low Apr 24
- SUP 4: 5127.25 Low Apr 21 and a key support
A bullish trend condition in S&P E-Minis remains intact and this week’s appreciation reinforces current conditions. The contract has cleared an important resistance at 5837.25, the Mar 25 high and a bull trigger. This strengthens the bullish theme, paving the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5648.28, the 50-day EMA.
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SLOVAKIA AUCTION PREVIEW: On offer next week
Slovakia has announced it will be looking to sell the following at its auction next Tuesday, April 22:
- the 3.00% Feb-28 SlovGB (ISIN: SK4000024683)
- the 3.75% Mar-34 SlovGB (ISIN: SK4000024865)
- the 3.75% Feb-35 SlovGB (ISIN: SK4000022539)
- the 2.00% Oct-47 SlovGB (ISIN: SK4120013400)
EQUITIES: US Opening calls
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EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5724.13 50-day EMA
- RES 1: 5512.18 20-day EMA
- PRICE: 5479.50 @ 14:10 BST Apr 14
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A short-term reversal in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.
