EQUITY TECHS: E-MINI S&P: (M5) Retracement Mode Remains Intact
- RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg
- RES 3: 5924.59 50-day EMA
- RES 2: 5864.25 Low Jan 13 and a recent breakout level
- RES 1: 5837.25 High Mar 25
- PRICE: 5818.75 @ 13:50 GMT Mar 26
- SUP 1: 5650.75/5559.75 Low Mar 18 / 13 and the bear trigger
- SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
S&P E-Minis are trading at their recent highs. The trend condition is bearish and the latest recovery appears corrective. MA studies remain in a bear-mode set-up, highlighting a dominant downtrend. However, this week’s gains have resulted in a breach of the 20-day EMA. This signals scope for a continuation higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.
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MNI: BELGIUM FEB BNB BUSINESS CONFIDENCE -12.3
- MNI: BELGIUM FEB BNB BUSINESS CONFIDENCE -12.3
EUROZONE DATA: Belgium Business Confidence Rises Above 2024 Average
The Belgium Business Confidence index rose for the second consecutive month to -12.3 in February (vs -13.0 consensus, -13.6 prior). This is the highest reading since November 2024. It is now above the 2024 average of -12.5.
- The sector breakdown was mixed, with industry and commerce improving against deteriorations in services and construction.
- Note the Eurozone Economic Sentiment Indicator (ESI) is expected to rise for the second consecutive month as well to 95.9 according to Bloomberg consensus and is due for release later this week.
EURIBOR OPTIONS: Put Spread buyer
ERM5 97.8125/97.6875ps 1x2, bought for 1.5 in 20k.
