BTP TECHS: (H6) Impulsive Bear Wave
Dec-10 14:44
- RES 4: 121.33 High Oct 21 and a key resistance area
- RES 3: 121.37 High Nov 13
- RES 2: 121.24 High Nov 26
- RES 1: 120.17/77 Low Nov 20 / High Dec 3
- PRICE: 119.43 @ 14:27 GMT Dec 10
- SUP 1: 119.12 1.764 proj of the Nov 13 - 20 - 26 price swing
- SUP 2: 118.00 Round number support
- SUP 3: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing
- SUP 4: 118.56 2.236 proj of the Nov 13 - 20 - 26 price swing
BTP futures have this week traded through an important support at 120.17, the Nov 20 low. This highlights the fact that a bearish phase remains in play for now, signalling scope for a deeper short-term retracement. The impulsive sell-off opens 119.12 next, a Fibonacci projection. The contract is oversold, a recovery would allow this set-up to unwind. Initial firm resistance to watch is 120.17, the Nov 20 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US LABOR MARKET: MNI US Employment Report: Mostly Steady Cooling Amidst The Fog
Nov-10 14:43
- We have published and e-mailed to subscribers the MNI US Employment Report covering a range of labor indicators for October in lieu of a second month of official data under the government shutdown.
- However, an imminent end to the shutdown could mean we get September’s BLS nonfarm payrolls release within the next week. The BLS Secretary has said the report will be issued "as soon as this government opens”.
- See the full report here: https://media.marketnews.com/US_Shadow_Employment_Report_Nov_docx_cceb084370.pdf
EQUITIES: Wall St. Set For Higher Open After Progress Towards Ending Shutdown
Nov-10 14:27
E-minis remained underpinned after movement towards the reopening of the government over the weekend, pointing to comfortably higher cash opens.
- Such a move would extend on Friday’s late recovery in cash indices.
- The 3 major contracts are through Friday’s highs but shy of Thursday tops.
- Our technical analyst notes that the trend condition in S&P 500 e-minis remains bullish and the pullback since the Oct 30 high appears corrective. Friday's activity highlights a potential reversal signal - a bullish doji candle. A continuation higher would signal the end of a correction and open 6,953.75, the Oct 30 high and bull trigger.
- S&P 500 e-minis: +0.98%
- NASDAQ 100 e-minis: +1.54%
- DJIA e-minis: +0.44%
STIR FUTURES: Earlier Rolls, Block Sale
Nov-10 14:08
Appr -32,000 SFRZ5/SFRH6 spreads sold earlier: -0.200 after -10,000 SFRZ5 Block sale, 96.24 at 0836ET.
