EQUITY TECHS: E-MINI S&P: (U6) Trend Structure Remains Bullish
- 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: 7520.00 @ 14:40 BST Jul 8
- SUP 1: 7351.25/7292.25 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 outlook in S&P E-Minis is unchanged, it remains bullish. Note that moving average studies are in a bull-mode position and this continues to highlight a dominant uptrend. Last Monday’s rally (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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EURIBOR OPTIONS: Latest Put Condors
- ERU6 98.12/98.00/97.31/97.18p condor, sold at 9.25 down to 9 in 4k.
- ERU6 98.06/98.00/97.31/97.25p condor, sold at 4.5 down to 4.25 in 4k.
US: Clock Ticks On FISA Section 702 Re-Authorisation
Congress has until Friday to reauthorise FISA Section 702, or the warrantless foreign surveillance power will go dark. Senate Majority Leader John Thune (R-SD) attempted to pass an extension on Friday, but was blocked by Democrats and a handful of Senate Republicans.
- Secretary of State Marco Rubio wrote in a letter to Senate Intel Chair Tom Cotton (R-MI) and Senate Judiciary Chair Chuck Grassley (R-IA), “FISA Section 702 is the single most indispensable tool we have... Allowing Section 702 to expire would have dire impacts on our ability to keep the Nation secure.” The letter came after the pair told Rubio to plan for a “significant gap in foreign intelligence collection.”
- Politico notes, “Trump's decision to install Bill Pulte as director of national intelligence has all but quashed any chance of a long-term renewal for the Section 702 program. With Democrats pushing for Pulte’s removal before supporting any extension, even another short-term patch for the key piece of the Foreign Intelligence Surveillance Act is in serious doubt just days before the deadline.”
- While Trump has indicated that he doesn’t intend to nominate Pulte to the position permanently, an acting DNI can serve in the role for 210 days without Senate confirmation. Concerns over Pulte were amplified when Trump told the WSJ he wants Pulte to begin firing a large number of employees as part of a shake-up of the US intelligence community.
JPY: FX Exchange traded Option - Covers BoJ Meetings
FX Exchange traded Option: Covers the June and July BoJ.
- JPYUSD (7th Aug) 64/67cs, bought for 0.36 in 1k.
Underlying September is at 62.99.
