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: 6295.50 @ 14:32 BST Jul 16
- 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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USDCAD TECHS: Southbound
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3861/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3732 20-day EMA
- PRICE: 1.3542 @ 14:41 BST Jun 16
- SUP 1: 1.3535 1.0% 10-dma envelope
- SUP 2: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 3: 1.3473 Low Oct 2 2024
- SUP 4: 1.3410 1.764 proj of the Feb 3 - 14 - Mar 4 price swing
The trend needle in USDCAD continues to point south and fresh cycle lows last week and again today, reinforce a bearish theme. Support at 1.3686, the May 26 low and a bear trigger, has been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3535 next, envelope-based support, and 1.3503, a Fibonacci projection.Resistance at the 20-day EMA is at 1.3732.
SONIA: Ratio Call Spread vs Put
0NU5 96.90/97.40cs 1x1.25 vs 96.10p, bought the cs for 0.5625 in 10k.
EQUITY TECHS: E-MINI S&P: (U5) Support Remains Intact
- RES 4: 6200.00 1.500 proj of the Apr 7 - 10 - 21 price swing
- RES 3: 6172.50 High Feb 24
- RES 2: 6134.00 High Feb 26
- RES 1: 6128.75 High Jun 11
- PRICE: 6069.25 @ 07:42 BST Jun 16
- SUP 1: 5979.00/5882.88 Low Jun 13 / 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 remains bullish and the contract traded to a fresh cycle high last Wednesday, reinforcing current bullish conditions. For now, the most recent pullback is considered corrective. The contract has pierced support at 5990.75, the 20-day EMA. A clear breach of this average would expose the 50-day EMA, at 5882.88. Key short-term resistance has been defined at 6128.75, the Jun 11 high.
