EQUITY TECHS: E-MINI S&P: (Z5) Bull Cycle Remains Intact

• RES 4: 6600.00 Round number resistance
• RES 3: 6572.45 2.0% 10-dma envelope
• RES 2: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 1: 6508.75 High Aug 15 and all-time High
• PRICE: 6449.25 @ 07:22 BST Aug 26
• SUP 1: 6362.75 Low Aug 20
• SUP 2: 6313.25 Low Aug 6  
• SUP 3: 6304.76 50-day EMA
• SUP 4: 6239.50 Low Aug 1

The dominant uptrend in S&P E-Minis remains intact and last Friday’s rally reinforces current conditions. Moving average studies are in a bull-mode position, highlighting a clear uptrend and positive market sentiment. Attention is on 6508.75, the Aug 15 high and the bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 6523.63, a Fibonacci projection. Support to watch lies at  6304.76, the 50-day EMA.

• RES 4: $77.85 - 2.794 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $75.65 - 2.500 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $74.25 - High Jun 23 and a bull trigger 
• RES 1: $66.56/69.36 - High AUg 4 / High Jul 30 and key resistance   
• PRICE: $64.33 @ 07:17 BST Aug 26
• SUP 1: $61.29 - Low Aug 13
• SUP 2: $57.71 - Low May 30
• SUP 3: $54.80 - Low May 5
• SUP 4: $54.03 - Low Apr 9 and a key support

A bear cycle in WTI futures remains intact and the latest round of short-term gains appear corrective - for now. A key support at $61.99, the Jun 30 low, has recently been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $66.56, the Aug 4 high.

• The German Bund remains fairly unchanged and within past ranges, the contract goes bid post Cash open, but still inside the initial support and resistance.
• These stands circa 128.59 for support, the 2.80% Yield level, and the initial resistance is still at 129.62.
• The French OAT underperforms after PM Bayrou called for a Confidence Vote on the 8th September, Bund/OAT spread widens by 2bps on the Open.
• There are no Tier 1 Data out of Europe, the French Consumer Confidence isn't a market mover. Out of the US, prelim Durable Goods and Consumer Confidence are the Data release for Today.
• Main focus on the Data front is all on Friday, a packed day for Data.
• Bond Traders will look to conclude Rolling their Gilt and Treasury rolling positions Today and Tomorrow. Friday will also focus on Month End, these are tiny for Europe, a non event for the UK, but decent for the US, just above the August average.
• SUPPLY:  €3bn 2yr BTP (equates to 17.4k short 2yr BTPS) should have limited impact. {us} US Sells $69bn of 2yr Notes, should weigh.
• SPEAKERS: ECB Villeroy, BoE Mann.