EQUITY TECHS: E-MINI S&P: (U5) Northbound
- RES 4: 6249.00 High Feb 21
- RES 3: 6200.00 1.50 proj of the Apr 7 - 10 - 21 price swing
- RES 2: 6172.50 High Feb 24
- RES 1: 6157.75 Intraday high
- PRICE: 6147.00 @ 07:25 BST Jun 25
- SUP 1: 5959.00/5922.67 Low Jun 23 / 50-day EMA
- SUP 2: 5811.50 Low May 23
- SUP 3: 5645.75 Low May 7
- SUP 4: 5500.00 Low Apr 30
The trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s fresh cycle high reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been breached. The clear break confirms a resumption of the uptrend that started Apr 7. Sights are on the 6200.00 handle, a Fibonacci projection. Key support remains at the 50-day EMA - at 5922.67. A clear break of it would signal a reversal.
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ECB: Initial Headlines From Lagarde, But Don't Expect Meaningful Signals
"*ECB's Lagarde: Global Trade Fracturing Can Cause Risks for Europe" DJ
As noted earlier, Lagarde is speaking on "Europe's Role in a Fragmented World" at the Hertie School. We don't expect any meaningful monetary policy signals here.
Bundesbank President Nagel is also scheduled at 1430BST to speak on "Europe's prospects in the global trade dispute". Nagel has not given any explicit policy signals in recent comments, generally sticking to a familiar cautious tone. On May 22, he noted:
- “We will reach our inflation target of 2% in the euro zone this year,”….Given the continuing high level of uncertainty, we should therefore remain cautious in our monetary policy.”
- "After seven interest rate cuts, our deposit rate stands at 2.25%, a level that can certainly no longer be described as restrictive"...'“I don’t believe in predetermining whether there might be further interest-rate cuts,”...“I will not make a decision on monetary policy until our next meeting.”
US: Trump To Speak Later Today
U.S. President Trump posts the following on Truth Social "I will be making a Memorial Day Speech today at Arlington National Cemetery, 11:00 A.M. ENJOY!!!"
FRANCE T-BILL AUCTION RESULTS: 14/25/51-week BTFs
| Type | 14-week BTF | 25-week BTF | 51-week BTF |
| Maturity | Sep 3, 2025 | Nov 19, 2025 | May 20, 2026 |
| Amount | E3.293bln | E1.899bln | E1.893bln |
| Target | E2.9-3.3bln | E1.5-1.9bln | E1.5-1.9bln |
| Previous | E2.993bln | E1.898bln | E2.098bln |
| Avg yield | 1.999% | 1.982% | 1.913% |
| Previous | 2.042% | 2.011% | 1.947% |
| Bid-to-cover | 3.39x | 4.91x | 3.57x |
| Previous | 4.33x | 3.94x | 3.44x |
| Previous date | May 19, 2025 | May 19, 2025 | May 19, 2025 |
