BTP TECHS: (H6) Monitoring Resistance
- 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: 120.08 @ Close Dec 16
- SUP 1: 119.54 Low Dec 12
- SUP 2: 119.12 1.764 proj of the Nov 13 - 20 - 26 price swing
- SUP 3: 118.00 Round number support
- SUP 4: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing
Gains in BTP futures appear corrective. Last week, the contract traded through an important support at 120.17, the Nov 20 low. This highlights the fact that a bearish phase remains in play, signalling scope for a deeper retracement. A resumption of weakness would open 119.12 next, a Fibonacci projection. The contract is oversold and the latest corrective recovery is allowing this set-up to unwind. Initial firm resistance 120.17, the Nov 20 low.
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EQUITY TECHS: E-MINI S&P: (Z5) Doji Reversal Candle
- RES 4: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6953.75 High Oct 30 and bull trigger
- RES 2: 6900.50 High Nov 12
- RES 1: 6804.35 20-day EMA
- PRICE: 6780.75 @ 07:00 GMT Nov 17
- SUP 1: 6670.50 Low Nov 14
- SUP 2: 6655.50 Low Nov 7 & key short-term support
- SUP 3: 6571.25 Low Oct 17
- SUP 4: 6540.25 Low Oct 10 and a key support
The trend condition in S&P E-Minis remains bullish and the latest selloff appears corrective - for now. Support at the 50-day EMA, at 6730.32, has been pierced, however, price is once again trading above the average. The next key support to watch is 6655.50, the Nov 7 low. Friday’s price pattern is a doji candle - a reversal signal. Initial firm resistance to watch is 6900.50, the Nov 12 high. A breach of this level would be bullish.
RATINGS: Greece Upgraded At Fitch, Belgium Downgraded At Scope
Sovereign rating reviews of note from after hours on Friday include:
- Fitch upgraded Greece to BBB; Outlook Stable
- Fitch affirmed Slovakia at A-; Outlook Stable
- Moody's affirmed Portugal at A3; Outlook Stable
- S&P affirmed Cyprus at A-; Outlook changed to Positive
- S&P upgraded South Africa to BB; Outlook Positive
- Morningstar DBRS confirmed the United Kingdom at AA, Stable Trend
- Scope Ratings downgraded Belgium to A+; Outlook Stable
USDJPY TECHS: Holding On To Recent Gains
- RES 4: 156.75 High Jan 23
- RES 3: 155.89 High Feb 3
- RES 2: 155.53 2.00 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 1: 155.04 High Nov 12
- PRICE: 154.65 @ 07:03 GMT Nov 17
- SUP 1: 153.30 20-day EMA
- SUP 2: 152.82 Low Nov 7
- SUP 3: 151.43 50-day EMA
- SUP 4: 150.47 Low Oct 21
USDJPY is holding on to the bulk of recent gains. A bullish trend structure remains intact. The pair has breached 154.48, the Nov 4 high and a bull trigger, confirming a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 155.53, a Fibonacci projection. Initial support to watch is 153.30, the 20-day EMA.
