EQUITY TECHS: E-MINI S&P: (Z5) Bullish Theme
Dec-05 14:34
- RES 4: 7000.00 Psychological round number
- RES 3: 6953.75 High Oct 30 and bull trigger
- RES 2: 6900.50 High Nov 12
- RES 1: 6886.25 Intraday high
- PRICE: 6872.50 @ 14:23 GMT Dec 5
- SUP 1: 6788.55 20-day EMA
- SUP 2: 6674.50/6525.00 Low Nov 25 / 21
- SUP 3: 6500.00 Round number support
- SUP 4: 6476.62 23.6% retracement of the Apr 7 - Oct 30 uptrend
A bullish theme in S&P E-Minis is intact and the contract continues to appreciate. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support is at 6788.55, the 20-day EMA.
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US TSYS/SUPPLY: Liquidity Buybacks Unchanged; Cash Management Returns In Dec
Nov-05 14:16
Treasury's buyback schedule for the upcoming quarter is here.
- The main buyback parameters for liquidity support buybacks are unchanged (up to $38B) from the previous quarter: Treasury is conducting 4 operations in each of the 10-20Y / 20-30Y buckets each for up to $2B. There will be one liquidity support buyback of up to $4B in each of the other nominal coupon buckets.
- In TIPS, there will be 2 operations in the 1-10Y bucket (up to $750M each), and 1 in 10-30Y ($500M).
- Cash management buybacks are expected to resume in December (having made none in the last Refunding quarter), with up to $12.5B in 1M to 2Y securities over 2 operations. Those will take place on Dec 2 and Dec 10. "Amounts purchased in cash management buybacks temper reductions to bill auction sizes that would otherwise occur over the same timeframe."
- As we noted could be the case in our Refunding preview, Treasury highlighted that it would expand the list of eligible counterparties to the buyback program in the first half of 2026.
- The next two buyback operations were announced in the previous Refunding for today (10-20Y) and Nov 12 (10-30Y TIPS).
