POWER: EdF Cuts Nuclear Power on Saturday on Low Demand, Solar PV

• RES 4: 5713.31 3.236 proj of the Apr 19 - 29 - May 2 price swing
• RES 3: 5700.00 Round number resistance
• RES 2: 5668.00 3.00 proj of the Apr 19 - 29 - May 2 price swing
• RES 1: 5646.50 Intraday high
• PRICE: 5644.00 @ 14:30 BST Jul 10
• SUP 1: 5536.81/5435.69 20- and 50-day EMA values
• SUP 2: 5267.75 Low May 31 and key support
• SUP 3: 5213.25 Low May 6
• SUP 4: 5155.75 Low May 3

The trend condition in S&P E-Minis is bullish and this week’s extension reinforces this set-up. The contract has traded higher today. Fresh cycle highs confirm a resumption of the uptrend and maintain the bullish sequence of higher highs and higher lows. MA studies are in a clear bull-mode set-up too and this continues to highlight positive market sentiment. Sights are on 5668.00, a Fibonacci projection. Support is at 5536.81, the 20-day EMA.

• RES 4: $519.75 - High Nov 15 ‘23
• RES 3: $510.25 - High Dec 26 ‘23
• RES 2: $478.00/496.75 - High Jun 14 / High May 15 and bull trigger
• RES 1: $437.63 - 20-day EMA
• PRICE: $407.00 @ 13:44 BST Jul 10
• SUP 1: $405.75 - Low Jul 8
• SUP 2: $400.00 Psychological round number
• SUP 3: $387.00 - 2.618 proj of the May 28 - Jun 6 - 14 price swing
• SUP 4: $373.75 - 3.00 proj of the May 28 - Jun 6 - 14 price swing

Corn futures remain in a clear downtrend and Monday’s impulsive sell-off reinforces the current bearish theme. The contract has traded to a fresh cycle low, confirming a resumption of the primary downtrend. Sights are on the $400.00 psychological handle next. Initial key resistance is at $437.63, the 20-day EMA. Short-term gains would be considered corrective. A recovery would allow an oversold condition to unwind.

Reuters reporting that according to its sources, the NATO allies have reached an agreement on the summit joint delcaration. Comes as German Chancellor Olaf Scholz says that NATO 'will decide on concrete plans to defend ourselves', and that it is 'important that NATO underlines support for Ukraine'. Scholz adds that 'Germany has [a] special responsibility in NATO, I will do justice to it'.

• Speaking in Washington, D.C., but not at the leaders' summit, Ukrainian President Volodymyr Zelenskyy says that he 'expects a decision' on more F-16 jet deliveries to his country's armed forces to be made today.
• US Secretary of State Antony Blinken says that F-16 are en route from Denmark to Ukraine presently, and tthat 'those jets will be flying in the skies of Ukraine this summer'. Claims NATO will unveil an 'incredibly robust' package over the course of the summit, and that it 'will build a very clear, strong, robust and well-lit bridge to NATO membership for Ukraine'.
• Speaker of the US House of Representatives Mike Johnson (R-LA) is set to meet with Zelenskyy on the sidelines of the summit. Previously opposed to more aid to Ukraine, Semafor notes "Johnson made a remarkable pivot earlier this year, reversing his long-held opposition to Ukraine aid to help marshal a new Ukraine package. One of the most pressing questions, as the prospect of a second Trump administration looms is, will the GOP continue to support Kyiv?"