EQUITY TECHS: E-MINI S&P: (U5) Trading Closer To Its Recent Highs
- 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: 6323.25@ 14:54 BST Jul 15
- SUP 1: 6246.25 Low Jul 7
- SUP 2: 6218.56/6073.00 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 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 6073.00.
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WTI TECHS: (N5) Impulsive Bull Wave
- 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.
BUNDS: Bonds are still trading on the heavier side
- 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.
GOLD TECHS: Bullish Phase Still In Play
- 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.
