EQUITY TECHS: E-MINI S&P: (Z5) Trading At Its Latest Highs
Dec-04 14:41
- 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: 6880.75 Intraday high
- PRICE: 6873.25 @ 14:31 GMT Dec 4
- SUP 1: 6780.31 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 is trading at its latest highs. Price also 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.
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GILTS: Holding Off Highs
Nov-04 14:40
Gilts have consolidated the rally seen during the London morning but continue to operate off of session highs.
- Futures +29 at 93.66 vs. best levels of 93.98.
- Bulls pierced initial resistance at 93.96 but couldn’t force a test of the next upside level of interest (94.00).
- Yields 1.0-2.5bp lower on the day, curve bull steepens after flattening earlier today.
- Benchmarks 0.5-5.0bp off October closing lows,.2s closest to breaking their October base, 50s furthest away.
- Speculation surrounding meaningful fiscal tightening, a thinktank report pointing to a smaller-than-previously-envisaged fiscal black hole and wider risk-off price action drove the opening rally.
- Chancellor Reeves failed to provide any clarity on potential fiscal adjustments at this month’s Budget, but her tone and choice to omit reference to some manifesto pledges opens the way to potential tweaks of the big 3 taxes which could impact “working people”.
- BoE-dated OIS 0.5-2.0bp more dovish on the day, 6.5bp, 16bp and 29.5bp of easing priced over the next 3 meetings.
- SONIA futures flat to +3.0.
- October’s dovish extremes remain untouched.
EQUITIES: US Cash Opening Calls
Nov-04 14:27
SPX: 6,788.8 (-0.9%); DJIA: 47,093 (-0.5%/-244pts); NDX: 25,642.5 (-1.3%).
EUR: FX Exchange traded Call Buyer
Nov-04 14:12
EURUSD (6th Mar) 1.1800c, bought for 0.008 in ~4.6k.
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