EQUITY TECHS: E-MINI S&P: (U5) Trading Closer To Its Recent Highs

• RES 4: $84.23 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $81.93 - 2.764 proj of the Apr 9 - 23 - May 5 price swing 
• RES 2: $80.00 - Psychological round number
• RES 1: $77.62 - High Jun 13 
• PRICE: $73.52 @ 07:20 BST Jun 16 
• SUP 1: $68.49 - Low Jun 13
• SUP 2: $63.62 - 50-day EMA
• SUP 3: $59.74 - Low May 30 
• SUP 4: $54.33 - Low Apr 9 and a key support  

WTI futures traded sharply higher last week and Friday’s early rally marked an acceleration of the current bull phase. Price action is likely to remain volatile and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted $68.49, the Jun 13 low. A breach of this level would signal scope for a deeper retracement.

• Bund and Treasuries continue to trade on the heavy side, a little surprising given the escalation in Wars, although some may look at Inflation risks.
• Nonetheless, for now both contracts (RXU5 and TYU5) are trading flat going into the European session, and TYU5 is still just short of 110.14+, Friday's low.
• For the German Bund, support is still seen at 130.52, printed a 130.53 low last Week, and small resistance moves back down to the 131.00 figure.
• Italian Final CPI is the only release for Today, UK and Japan CPIs are the main release this Week, but CBs rate decision are at the forefront this Week.
• Global Investors will also be rolling their Equity Position into September, ahead of Triple Witching Friday.
• SPEAKERS: ECB Nagel (x2) Cipollone.

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3500.1 - High Apr 22 and bull trigger
• RES 1: $3451.3 - Intraday high          
• PRICE: $3416.9 @ 07:25 BST Jun 16 
• SUP 1: $3335.5/3262.2 - 20- and 50-day EMA
• SUP 2: $3204.7 - Low May 20 
• SUP 3: $3121.0 - Low May 15 and key support 
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and this week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3262.2, the 50-day EMA.