USD: Finding some early demand
- G10 FX saw a flat Dollar Overnight, the Swissy was up 0.07% and the CAD was down 0.06%.
- A small bid went through post Cash European Govie open, to push the Dollar in the green against all G10, the SEK lead losses, although it is only down 0.17%.
- USDSEK has found some support Yesterday just short of where it was exchanging hands before the Hawkish FOMC from the 18th December, this level was circa 10.9522, printed a 10.9665 low Yesterday (Prices are according to Bloomberg).
- Initial resistance in USDSEK is still some 8 big figures away, up to 11.1000.
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EQUITY TECHS: E-MINI S&P: (H5) Resistance At The 20-Day EMA Is Intact For Now
- RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6064.86 20-day EMA
- RES 1: 6050.75 High Dec 20
- PRICE: 6036.75 @ 06:56 GMT Dec 24
- SUP 1: 5866.00 Low Dec 20
- SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6064.86, the 20-day EMA. A clear break of the EMA would be a bullish development.
SILVER TECHS: Bearish Cycle
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $30.891/32.338 - 50-day EMA / High Dec 12
- PRICE: $29.703 @ 07:03 GMT Dec 24
- SUP 1: $28.748 - Low Dec 19
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
A bear cycle in Silver that started Oct 23 remains in play and last week’s move lower reinforces the trend condition. The metal has breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.
BONDS: US 10yr Yield probes 4.60%
- Not much to discuss marketwise, EUREX is closed and as a reminder ICE/UK will be closing at 12.15GMT after futures open at 08.00GMT this Morning.
- The US will also be closing early (12.15ET) but Investors will continue to watch the Yield levels in the US and Europe when they reopen.
- The US 10yr Yield is still trading close to the 4.60% mark, which held last Week.
- Looking further out, next area of interest comes at 4.6357% in the 10yr, which would equate to 108.10.
- There are no Tier 1 data for Today and no Speakers.
