EQUITY TECHS: E-MINI S&P: (Z5) Trend Needle Points North
- RES 4: 6831.38 2.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6819.25 1.500 proj of the Aug 1 - 15 - 20 price swing
- RES 2: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 1: 6802.75 High Oct 7
- PRICE: 6772.25 @ 14:16 BST Oct 8
- SUP 1: 6700.59 20-day EMA
- SUP 2: 6624.25 Low Sep 25
- SUP 3: 6582.78 50-day EMA
- SUP 4: 6506.50 Low Sep 5
The trend condition in S&P E-Minis is unchanged and the direction remains up. Recent fresh cycle highs confirm a continuation of the uptrend and maintain the positive price sequence of higher highs and higher lows. Sights are on 6812.29, a Fibonacci projection. Initial support to watch is at the 20-day EMA, at 6700.59. It has recently been pierced, a clear break of it would signal scope for a deeper pullback.
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FED FUNDS FUTURES: BLOCK: Large Nov'25 FF Buy
- +24,000 FFX5 96.145, post time offer at 0908:30ET, DV01 appr $1M
- The Nov contract trades 96.15 last (+0.010)
EQUITY TECHS: E-MINI S&P: (U5) Northbound
- RES 4: 6068.66 2.0% 10-dma envelope
- RES 3: 6600.00 Round number resistance
- RES 2: 6543.75 2.00 proj of the Apr 7 - 10 - 21 price swing
- RES 1: 6541.75 High Sep 5
- PRICE: 6499.00 @ 13:10 BST Sep 8
- SUP 1: 6451.12/6371.75 20-day EMA / Low Sep 2
- SUP 2: 6353.11 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 has once again proved to be a shallow correction. The contract traded to a fresh cycle high last week, breaching the Aug 28 high of 6523.00. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 6543.75 next, a Fibonacci projection. Initial support to watch is 6447.06, the 20-day EMA.
OPTIONS: EUR Into Upper-end of Recent Range, Nearing Sizeable Strikes
EUR spot remains pinned between a series of sizeable strikes - over E3.7bln notional is set to roll-off between 1.1700 - 1.1750 today, which could help dictate the range. With US PPI, CPI data set for this week, the larger option pipeline is thinner than usual, but decent sized options expiring at 1.1740-50(E1.4bln) and $1.1825(E1.7bln) in EURUSD on Thursday could be of post-data interest.
Full expiry schedule for today's cut here:
- EUR/USD: $1.1600(E1.2bln), $1.1620-30(E1.0bln), $1.1690-00(E1.3bln), $1.1750(E1.2bln), $1.1835(E873mln)
- USD/JPY: Y146.00($1.1bln), Y146.45-55($945mln)
- USD/CAD: C$1.4000($517mln)
- USD/CNY: Cny6.9500($1.4bln)
