EQUITY TECHS: E-MINI S&P: (Z5) Bulls Remain In The Driver’s Seat
- RES 4: 6750.50 2.000 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6748.50 1.236 proj of the Aug 1 - 15 - 20 price swing
- RES 2: 6712.33 1.764 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 1: 6700.00 Round number resistance
- PRICE: 6667.50 @ 14:10 BST Sep 17
- SUP 1: 6559.62 20-day EMA
- SUP 2: 6506.50 Low Sep 5
- SUP 3: 6452.53 50-day EMA
- SUP 4: 6417.25 Low Aug 12
A bull cycle in S&P E-Minis remains intact and the contract is trading closer to its recent highs. A fresh cycle high yesterday reinforces current bullish conditions. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on the 6700.00 handle next and 6712.33, a Fibonacci projection. On the downside, initial support to watch is 6569.89, the 20-day EMA.
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US TSY FUTURES: BLOCK: Sep'25 10Y Buy
- +9,000 TYU5 111-24.5, buy through 111-24 post-time offer at 0859:52ET, DV01 $796,000.
- The 10Y contract trades 111-23 last (+4).
MIDEAST: Trump Stresses Need To Destroy Hamas
U.S. President Trump posts the following to Truth Social: "We will only see the return of the remaining hostages when Hamas is confronted and destroyed!!! The sooner this takes place, the better the chances of success will be. Remember, I was the one who negotiated and got hundreds of hostages freed and released into Israel (and America!). I was the one who ended 6 wars, in just 6 months. I was the one who OBLITERATED Iran’s Nuclear facilities. Play to WIN, or don’t play at all! Thank you for your attention to this matter! President DJT"
FOREX: Fresh Session Highs for USDJPY, Re-Approaching 148.00
- The uptick for US yields from session lows has provided a supportive backdrop for USDJPY, which has risen through the overnight highs to extend session gains to 0.4% in recent trade. As mentioned, the less constructive tone for major equity indices has been boosting the greenback to start the week.
- For USDJPY, spot remains shy of last Thursday’s post PPI highs, which come in at 147.96 and provide initial resistance. Above here, firm resistance to watch is at 148.52, the Aug 12 high, of which a breach would be viewed as a S/T bull signal.
- Overall, a bearish threat in USDJPY remains present, although support remains much further out at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger reversal and strengthen the bearish engulfing signal from Aug 1.
- In Japan, national CPI data is scheduled this Friday, ahead of Chair Powell’s speech at Jackson Hole.
