EQUITY TECHS: E-MINI S&P: (U5) Bullish Trend Conditions
- RES 4: 6402.44 1.382 proj of the May 23 - Jun 11 - 23 price swing
- RES 3: 6381.00 1.764 proj of the Apr 7 - 10 - 21 price swing
- RES 2: 6356.12 1.236 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6343.00 High Jul 15
- PRICE: 6310.75 @ 07:40 BST Jul 17
- SUP 1: 6241.00 Low Jul 16
- SUP 2: 6226.62/6082.03 20- and 50-day EMA values
- SUP 3: 5811.50 Low May 23
- SUP 4: 5645.75 Low May 7
S&P E-Minis are still trading in a range, closer to their recent highs. The trend condition remains bullish. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend that started Apr 7. This was followed by a break of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection. Key support is at the 50-day EMA, at 6082.03.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BOJ: Ueda: Downside Risks To Economy and Prices Larger Than Upside Risks
Ueda notes that too rapid a cut in bond purchases could risk destabilising the market, while outlining that the decision on bond tapering was based on market participant's opinions.
On rates, he re-iterated that the BOJ will continue raising rates if the economic outlook - which is not too different compared to the last MPM - is realised. The price trend is expected to be in line with the BOJ's target in the 2nd half of the outlook.
- He notes that there are upside and downside risks to the economy and inflation, but that downside risks are currently larger for both variables.
USD: AUD and NZD are the best early performers
- Overall the Dollar is flat against most G10s, the early interesting chart is still the AUDUSD, after the cross reached its best level since last November Yesterday.
- This level stands at 0.6552, and a clear follow through would open to 0.6582 High Nov 12 ‘24 and 0.6603 High Nov 11 ‘24.
- The Kiwi is the 2nd best early performer, and similar to the Aussie, the NZDUSD exchanged hands at its highest level since October Yesterday.
- Yesterday's printed high is at 0.6088, but it is most likely that Market Participants will be looking for the initial resistance circa 0.6106.
BOJ: Ueda Sticks To Policy Statement Script At Start of Presser
The BOJ press conference has started. Governor Ueda starts by discussing the decision on JGB purchases - all very much in line with the policy statement.
- A reminder that the BOJ announced that it would trim bond buying by ¥200bn/per quarter from April 2026 next year. The current pace had been at a reduction of ¥400bn per quarter. There was one dissenter to this decision, board member Tamura, who wanted to keep the pace around ¥400bn. He also argued that long term rates should be determined by the market.
- USDJPY is currently -0.1% lower on the session at 144.59.
