EQUITY TECHS: E-MINI S&P: (M5) Trend Needle Points North
May-09 13:35
- RES 4: 5863.29 200-dma
- RES 3: 5837.25 High Mar 25 and a bull trigger
- RES 2: 5773.25 High Apr 2
- RES 1: 5741.00 High May 8
- PRICE: 5705.50 @ 14:24 BST May 9
- SUP 1: 5560.62 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
The bullish trend condition in S&P E-Minis remains unchanged. The contract has recently breached the 50-day EMA, at 5626.70. A continuation higher 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 5560.62, the 20-day EMA.
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GILTS: Fiscal Issues Add To Broader Pressure, Resulting In Technical Breaks
Apr-09 13:35
Fielding several questions surrounding the sell off in long end gilts. There hasn’t been a UK-specific trigger to explain the move.
- The move was definitely U.S. Tsy-led to start with, but it seems like this may have been the opportunity that some were waiting for when it comes to adding shorts further out the gilt curve, as multi-year/decade levels are broken in yields/curves. Futures also breached key support at 90.55, but have since retaken that level after bottoming at 89.99.
- The UK’s fiscal position remains delicate, with the potential for impending support for the auto sector (amongst others), stagnant economic growth and increasing gilt yields continuing to pressure UK finances.
- This makes gilts susceptible to such moves when broader core global FI markets come under pressure.
US TSY FUTURES: BLOCK: Recent Jun'25 10Y Sale
Apr-09 13:33
- -8,633 TYM5 110-11.5, sell through 110-13 initial post time bid at 0901:34ET, DV01 $545,000. The 10Y contract has since traded up to 110-21 last (-26)
EQUITIES: US Cash Opening calls
Apr-09 13:27
SPX: 4,962.1 (-0.4%); DJIA: 37,306 (-0.9%/-340pts); NDX: 17,088.7 (-0.0%).
