EQUITIES: EU Cash Opening Calls

Estoxx 50: +0.52%, Dax: +0.43%, CAC: +0.45%, FTSE +0.15%, SMI -0.10%.

• Although the Norwegian economy has been resilient through this year, fading offshore tailwinds and a more neutral fiscal policy stance may present downside risks in the years ahead. This may open the door to a faster pace of easing than currently signalled by Norges Bank. That said, no changes to the policy rate nor guidance are expected at next Thursday’s November decision.
• After peaking at 2.7% Y/Y in April/May, Norwegian non-financial corporate lending growth was fallen back to 1.7% Y/Y.
• Household credit growth instead accelerated to 4.4% Y/Y (vs 4.2% prior).
• This week’s Norwegian calendar includes September retail sales (Wednesday) and October unemployment claims data (Friday).

• RES 4: 6953.25 2.000 proj of the Aug 1 - 15 - 20 price swing 
• RES 3: 6912.25 3.000 proj of the Aug 20 - 28 - Sep 2 price swing 
• RES 2: 6900.00 Round number resistance
• RES 1: 6890.00 1.764 proj of the Aug 1 - 15 - 20 price swing
• PRICE: 6887.25 @ 07:23 GMT Oct 27
• SUP 1: 6812.25/6731.66 High Oct 9 / 20-day EMA
• SUP 2: 6645.22 50-day EMA 
• SUP 3: 6540.25 Low Oct 10 and a key short-term support 
• SUP 4: 6506.50 Low Sep 5

The trend condition in S&P E-Minis remains bullish and the contract is trading higher today, as it begins the week on a bullish note. The fresh cycle high confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 6850.87, a Fibonacci projection. Initial support to watch lies at 6721.62, the 20-day EMA. The 50–day EMA is at 6637.80.