EQUITIES: Estoxx Option package
- SX5E (19th Dec) 5200/4400ps, bought for 121 in 24k.
- SX5E (18/12/26) 6000c, sold at 181 in 12k
These look to be a package trade, all blocked at the same time.
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EQUITY TECHS: E-MINI S&P: (M5) Bull Cycle Intact
- RES 4: 5864.93 200-dma
- RES 3: 5837.25 High Mar 25 and a bull trigger
- RES 2: 5773.25 High Apr 2
- RES 1: 5724.75 High May 2
- PRICE: 5629.50 @ 14:43 BST May 6
- SUP 1: 5527.21 20-day EMA
- SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 4: 4832.00 Low Apr 7 and the bear trigger
Recent gains in the e-mini S&P reinforce current bullish conditions.The contract has breached the 50-day EMA, at 5622.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support to watch is 5527.21, the 20-day EMA.
EQUITIES: EU Bank Block Trade
Large EU Bank Block trade, suggest seller:
- CAM5 8k at 186.00.
GILTS: TD Still Eye Cross-Market Cues, Look For 10s30s To Flatten Vs. Peers
TD Securities note that “even though the moves in cross-market levels have been erratic, the curve dynamics have been more in-sync across the G3 space”.
- They suggest that “the fog of tariffs means that the bias for curves is likely to remain on bull or bear steepening side, more likely towards bull steepening as the Fed's reaction function comes with a lag to deteriorating economic conditions”.
- TD believe that “the gilt & Bund curves will struggle to disentangle from these dynamics”.
- Zooming out, they “expect 10s30s curve to trade much flatter vs. peers, given reduced long end supply by the UK DMO”.
