EQUITY TECHS: E-MINI S&P: (Z5) Pierces Key Support
Nov-21 14:41
- RES 4: 6953.75 High Oct 30 and bull trigger
- RES 3: 6900.50 High Nov 12
- RES 2: 6747.78/6791.25 20-day EMA / High Nov 20
- RES 1: 6655.50 Low Nov 7
- PRICE: 6580.25 @ 14:30 GMT Nov 21
- SUP 1: 6540.25/6525.00 Low Oct 10 and a key support / Intraday low
- 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 remain in a short-term bear-mode condition and a steep sell-off yesterday reinforces current conditions. The breach of 6655.70, the Nov 7 low cancels recent bullish signals and signals scope for an extension of the corrective cycle. Sights are on 6540.25 (pierced), the Oct 10 low and a key support. A break would open 6476.62, a Fibonacci retracement point. Initial firm resistance to watch is 6747.78, the 20-day EMA.
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SEK: Risk In EURSEK Remains Tilted To The Downside
Oct-22 14:40
- Risk in EURSEK remains tilted to the downside, with spot hovering just above support at 10.9036, the Sep 15 low. Clearance of this level would expose the April 4 low at 10.7941. Spot is on track for a sixth consecutive close lower, currently -0.25% today.
- It’s been another session with relatively few domestic catalysts. Riksbank Deputy Governor Jansson noted that it is reasonable to look through the upcoming temporary reduction in food VAT. However, the Board will “monitor how households' and companies' expectations and behaviour are affected, so that fluctuations in inflation that are temporary to begin with do not become more permanent."
- This isn’t a surprising view to hold. We continue to believe that the policy rate will remain at 1.75% for some to come, with the risk of a hike to 2.00% somewhat greater than the risk of another cut.
- Today’s SEK strength comes despite a fairly subdued session for European equity futures. This week’s SEK outperformance may therefore reflect increased sympathy for domestically-focused narratives (i.e growth tailwinds from accommodative monetary policy and an expansionary 2026 budget).
GILT AUCTION PREVIEW: CORRECTION: Auction Size
Oct-22 14:35
The DMO has announced a GBP3.75bln, not GBP4.75bln auction size for the new 4.125% Mar-33 Gilt next Wednesday.
US STOCKS: Extending Lows
Oct-22 14:30
- Stocks extending session lows in the last couple minutes, SPX eminis and Nasdaq leading the decline with Consumer Discretionary, Communication Services and IT sector shares underperforming.
- DJIA down 124.3 points (-0.26%) at 46,803.25
- S&P E-Mini Future down 18.75 points (-0.28%) at 6,756.25
- Nasdaq down 139.5 points (-0.6%) at 22,820.28
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