EQUITY TECHS: E-MINI S&P: (U6) Trend Needle Still Points North
Jul-10 13:48
- RES 4: 7700.00 Round number resistance
- RES 3: 7693.75 High Jun 2 and the bull trigger
- RES 2: 7652.75 High Jun 5
- RES 1: 7648.75 High Jun 15
- PRICE: 7603.25@ 14:37 BST Jul 10
- SUP 1: 7357.25/7292.25 Low Jun 26 / 11 and key support
- SUP 2: 7200.00 Round number support
- SUP 3: 7135.00 Low Apr 23
- SUP 4: 7047.75 50.0% retracement of the Mar 31 - Jun 1 bull cycle
The trend condition in S&P E-Minis is unchanged, the set-up remains bullish. Note that moving average studies are in a bull-mode position and this continues to highlight a dominant uptrend. The rally on Jun 29 was a bullish engulfing candle - a reversal signal. It suggests the end of the recent corrective pullback. Key support lies at 7292.25, the Jun 11 low. A continuation higher would open 7693.75, the Jun 2 high and bull trigger.
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BOC: BOC Holds Rate At 2.25%, Potential Cut Or Consecutive Hikes
Jun-10 13:46
- The Bank of Canada held the overnight rate at 2.25% Wednesday as economists and market participants widely expected.
- "Significant new trade restrictions" from the US may lead the Bank to cut rates. If the conflict in the Middle East causes oil prices to rise further and become broad-based, there could be a need for "consecutive increases in the policy rate".
- Bank dropped a phrase about holding rates if its economic assumptions are met.
- Growth "edged down" in Q1 and employment remains unchanged from the beginning of the year. The Bank expects Canada to return to growth in Q2, but said the economy will remain in a state of excess supply.
- Bank says can continue to look through higher energy prices as there remains "limited evidence of broad-based pass-through." Inflation is expected to hover around 3% in the near term despite oil prices being roughly $10/barrel higher than the Bank assumed in its April Monetary Policy Report.
BOC: Instant Answers For Bank of Canada Rate Decision
Jun-10 13:45
Following are Instant Answers for the Bank of Canada interest-rate decision:
- Overnight Rate Target (level in x.xx%): 2.25%, unchanged, as expected.
- Does the Bank signal it is prepared to lower rates in the future? YES
- Does the Bank signal it is prepared to raise interest rates in the future? YES
- Does the Bank reiterate it will not allow higher energy prices to become broader or persistent inflation? YES
- Does the Bank reiterate it will look through or show some patience around some short-term inflation from the Iran war? YES
- Does the Bank reiterate that the current rate looks about right if oil prices come down and US tariffs remain stable? NO
MNI: BANK OF CANADA POLICY RATE 2.25%
Jun-10 13:45
- MNI: BANK OF CANADA POLICY RATE 2.25%
