EQUITY TECHS: E-MINI S&P: (M5) Bulls Remain In The Driver's Seat
Jun-04 13:30
- RES 4: 6124.00 High Feb 24
- RES 3: 6080.75 High Feb 26
- RES 2: 6057.00 High Mar 3
- RES 1: 6008.00 High May 29
- PRICE: 5985.75 @ 14:19 BST Jun 4
- SUP 1: 5850.75/5765.62 20- and 50-day EMA values
- SUP 2: 5596.00 Low May 7
- SUP 3: 5455.50 Low Apr 30
- SUP 4: 5355.25 Low Apr 24
The trend condition in S&P E-Minis is unchanged, it remains bullish and the contract is trading just ahead of its recent high. A print above 5993.50 last week, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. An extension would open 6057.00 next, the Mar 3 high. Key support lies at 5765.62, the 50-day EMA.
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JPY: The Yen is now the best performer in G10
May-05 13:19
- Close to 150 pips range for the USDJPY, the Yen has taken over the AUD as the best performer in G10 against the Greenback.
- The cross has fully cleared Friday's low that was situated at 143.73, and the next support will now be seen at 142.88, last Thursday's low.
US TSYS: Surprise Corporate Issuance Weighs on Tsys
May-05 13:07
- On an otherwise quiet start to a FOMC week and spring holiday closures -- today's potential outsized corporate issuance from Apple Inc and Comcast likely tempered the recent bounce in Tsys - spec-tied selling ahead of rate lock hedging has pushed futures back near early overnight lows:
- Tsy Jun'25 10Y back to steady at 111-05 after rising to 111-13.5 (+8.5) ahead of the opening bell, early overnight low at 111-04.5. Initial technical support is at 111-02 (Low Mar 2 / 50-dma) followed by 110-30.5 (50-day EMA). A clear breach of this average would strengthen a bearish threat and expose 110-16+, the Apr 22 low.
PIPELINE: Corporate Bond Update: Apple Inc, Comcast Guidance & Historicals
May-05 12:57
- Apple and Comcast deals likely to lead today's corporate bond issuance. Estimates for Apple issuance range from $5-10B today based on issuance size and frequency over the last five years (though Apple did make it into the top 20 list of largest issuance with $17B on April 30, 2013).
- As for Comcast, estimate for today's 3pt deal is under $5B based on issuance over the last five years ($2-4B), though Comcast is in the top 10 largest issuance with $27B over 12 tranches on October 2, 2018 -- reportedly for Sky PLC financing.
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $Benchmark Apple Inc 3Y +45a, 5Y +50a, 7Y +60a, 10Y +70a
- 05/05 $Benchmark Comcast 7Y +115a, 10Y +130a, 30Y +155a
- 05/05 $Benchmark American Int Group 5Y, 10Y, details TBA
- 05/05 $Benchmark ADP 7Y +80a
