EQUITY TECHS: E-MINI S&P: (Z5) Bullish Recovery
Nov-26 07:59
- RES 4: 6953.75 High Oct 30 and bull trigger
- RES 3: 6900.50 High Nov 12
- RES 2: 6852.56 76.4% retracement of the Oct 30 - Nov 21 bear leg
- RES 1: 6841.33 Trendline resistance drawn from the Oct 30 high
- PRICE: 9808.50 @ 07:48 GMT Nov 26
- SUP 1: 6674.50/6525.00 Low Nov 25 / 21
- SUP 2: 6500.00 Round number support
- SUP 3: 6476.62 23.6% retracement of the Apr 7 - Oct 30 uptrend
- SUP 4: 6427.00 Low Sep 2
S&P E-Minis are trading higher as the contract extends the recovery from the Nov 21 low. The climb has resulted in a breach of the 20- and 50- day EMAs. This highlights a bullish development and the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would signal scope for a climb towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support has been defined at 6525.00, the Nov 211 low.
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Oct-27 07:42
- Although the Norwegian economy has been resilient through this year, fading offshore tailwinds and a more neutral fiscal policy stance may present downside risks in the years ahead. This may open the door to a faster pace of easing than currently signalled by Norges Bank. That said, no changes to the policy rate nor guidance are expected at next Thursday’s November decision.
- After peaking at 2.7% Y/Y in April/May, Norwegian non-financial corporate lending growth was fallen back to 1.7% Y/Y.
- Household credit growth instead accelerated to 4.4% Y/Y (vs 4.2% prior).
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