EQUITY TECHS: E-MINI S&P: (M6) Retracement Mode
- RES 4: 7035.00 High Feb 25
- RES 3: 6963.00 High Mar 2
- RES 2: 6921.09 76.4% retracement of the Jan 28 - Mar 31 bear leg
- RES 1: 6873.25 High Mar 11
- PRICE: 6811.25 @ 14:33 BST Apr 9
- SUP 1: 6667.15 20-day EMA
- SUP 2: 6567.00/6503.75 Low Apr 6 and key S/T support / Low Apr 2
- SUP 3: 6353.25 Low Mar 31 and key support
- SUP 4: 6316.61 3.236 proj of the Feb 11 - 17 - 25 price swing
A strong rally in S&P E-Minis on Wednesday highlights an extension of the reversal that started Mar 31. Note that trend signals remain bearish and for now, gains are considered corrective. A continuation higher would open 6921.09 next, a Fibonacci retracement point. Key medium-term resistance and the bull trigger is far off at 7096.50, the Jan 28 high. Initial firm support to watch lies at 6567.00, the Apr 6 low.
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EURIBOR OPTIONS: Call Spread buyer
ERM6 98.0625/98.1875cs, bought for 0.75 in 8k.
SOFR OPTIONS: Put Spread seller
SFRZ6 96.50/96.25ps, sold at 8 in 4k.
GOLD: Spot Above $5,200/oz
Upside in gold extends, resulting in the highest spot level since last Tuesday, crossing above $5,200/oz. Comes alongside a move away from session lows in Tsys and BBDXY ticking back towards session lows, no major macro news flow of note. Next upside level of note located at the March 2 high ($5,419.1/oz).
