EQUITY TECHS: E-MINI S&P: (Z5) Northbound

• RES 4: 6600.00 Round number resistance
• RES 3: 6590.30 2.0% 10-dma envelope
• RES 2: 6543.75 2.00 proj of the Apr 7 - 10 - 21 price swing  
• RES 1: 6523.00 High Aug 28 and the bull trigger 
• PRICE: 6433.50 @ 07:23 BST Sep 3
• SUP 1: 6371.75 Low Sep 2 
• SUP 2: 6332.30 50-day EMA 
• SUP 3: 6313.25 Low Aug 6 
• SUP 4: 6239.50 Low Aug 1 and a key support

A bull cycle in S&P E-Minis remains intact and the latest pullback is - for now - considered corrective. Price has traded through the 20-day EMA. The key support to watch lies at the 50-day EMA, at 6336.02. A clear break of this EMA is required to signal scope for a deeper retracement. This would open 6239.50, the Aug 1 low and a key support. Moving average studies still highlight a dominant uptrend. The bull trigger is 6523.00, the Aug 28 high.

• After gaining for the first time in 6 sessions Yesterday, the Dollar is still on the front for a second time in a row, although few G10 Currencies are closer to flat going into the European session.
• Most interesting chart this Week was the USDSEK and the 2025 low of 9.3792, which held, USDSEK recovered 1.17% from Monday's low to Yesterday's high.
• Biggest mover has of course been the Yen, Higher US Yield, but more importantly the Political concerns have been the main driver.
• USDJPY has found some selling interest just ahead of the 149.00 handle Yesterday, printed a 148.94 high, and also today, made a 148.93 high Overnight.
• Nonetheless, better resistance is still seen towards 149.18 initially.

• 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: $65.35 @ 07:20 BST Sep 3
• SUP 1: $61.29 - Low Aug 13 and the bear trigger 
• 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 bull phase appears to be a correction. This short-term corrective cycle remains in play and Tuesday’s rally reinforces this theme. Initial resistance to watch is $66.56, the Aug 4 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. A resumption of weakness would pave the way for a move towards $57.71, the May 30 low.