EQUITY TECHS: E-MINI S&P: (M5) Resistance Remains Intact
Apr-16 13:25
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5701.85 50-day EMA
- RES 1: 5498.03 20-day EMA
- PRICE: 5372.25 @ 14:14 BST Apr 16
- 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 reversal higher 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 5498.03, the 20-day EMA. Resistance at the 50-day EMA is at 5701.85. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. A break of this level would resume the M/T downtrend.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILTS: Cross-Market Cues Continue To Dominate
Mar-17 13:25
Gilts continue to take cues from DM peers, with little of note on the UK calendar until Thursday’s BoE-labour market data combo.
- Gilts recently caught between cross-market impulses, with Bund outperformance maintained, while U.S. data and fresh demand for equities weighed on U.S. paper before a broader assessment of the data meant that the weakness faded.
- Gilt futures to fresh session highs at 92.17.
- Our technical analyst believes that the short-term trend outlook in the contract remains bearish, with recent gains deemed corrective.
- Initial support at the March 7 low (91.07), which held on Friday. Initial resistance at the 20-day EMA (92.28).
- Yields 0.5-3.0bp lower, curve flattens.
- 2s10s stops shy of a close above 50bp in recent sessions, with the same holding true for 100bp in 5s30s.
- Several sell-side names maintain preference for 2s10s steepeners into next week’s fiscal announcements.
- Gilt/Bund spread near session highs, 5bp wider at ~184bp. Last week’s closing high stands at 184.4bp.
PIPELINE: Corporate Bond Roundup: Fund Seekers Ahead FOMC
Mar-17 13:21
- Date $MM Issuer (Priced *, Launch #)
- 03/17 $Benchmark ADB 10Y SOFR+60a
- 03/17 $Benchmark Hyatt 3Y +130a, 7Y +175a
- 03/17 $Benchmark Santander 4NC3 +165a, 6NC5 +185a
- 03/17 $Benchmark BMW US Capital 2Y, 2Y SOFR, 3Y, 3Y SOFR, 5Y, 10Y
- 03/17 $Benchmark Public Service Co of Colorado 10Y +125a, 30Y +145a
- 03/17 $Benchmark Republic Services 5Y +100a, 10Y +120a
- 03/17 $Benchmark Oncor 2Y +75a, 10Y +130a, 30Y +145a
- 03/14 No new corporate issuance Friday after $57.2B priced on the week
EUR: FX Exchange traded Option
Mar-17 13:18
FX Exchange traded Option, covers the next two ECB meetings:
- EURUSD (6th Jun) 1.1400c, bought for 0.0030 in 1K.
