EQUITY TECHS: E-MINI S&P: (U5) Northbound
- RES 4: 6600.00 Round number resistance
- RES 3: 6586.68 2.0% 10-dma envelope
- RES 2: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6508.75 High Aug 15 and all-time High
- PRICE: 6478.50 @ 14:32 BST Aug 27
- SUP 1: 6362.75 Low Aug 20
- SUP 2: 6313.25 Low Aug 6
- SUP 3: 6311.73.76 50-day EMA
- SUP 4: 6239.50 Low Aug 1
The dominant uptrend in S&P E-Minis remains intact and the contract is trading at its recent highs. Moving average studies are in a bull-mode position, highlighting a clear uptrend and positive market sentiment. Attention is on 6508.75, the Aug 15 high and the bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 6523.63, a Fibonacci projection. Support to watch lies at 6311.73, the 50-day EMA.
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GILTS: BoE APF Sale Due Shortly
A reminder that the BoE will sell GBP750mln of medium-bucket bonds from its APF shortly.
EQUITIES: EU Bank Option Vol buyer
SX7E (19th Dec) 215^, bought for 23.75 in 5k.
GILTS: Under Pressure
~4K of selling in gilt futures across a few clips in the last 5 minutes. No clear driver of the recent weakness outside of the extension higher in crude futures.
- Weakness in gilts started to extend before midday London, although headlines were also light then.
- Futures still above initial support at the July 24 low (91.18), which protects the bear trigger at the July 18 base (91.08).
- Yields 1.5-2.5bp higher, curve bear flattens.
