AUSSIE 3-YEAR TECHS: (H6) Resistance Intact

• Date $MM Issuer (Priced *, Launch #)
• 01/26 $4B #Aramco $500M 3Y +60, $1.5B 5Y +80, $1.25B 10Y +95, $750M 30Y +130
• 01/26 $4B #Ecuador $2.2B 8Y 8.75, $1.8B 13Y 9.25%
• 01/26 $2.5B #Goldman Sachs 15NC10 +118
• 01/26 $2B *Fifth Third Bancorp $1B 6NC5 +75, $1B 11NC10 +93
• 01/26 $1B *New York Life $700M 3Y +40, $300M 3Y SOFR+57
• 01/26 $1B #United Airlines 5NC 5.375%
• 01/26 $750M #Tyco Electronics Group $200M 5Y +48, $550M 10Y +70
• 01/26 $500M #Isbank 11NC6 7.575%
• 01/26 $Benchmark Caisse des Dépôts et Consignations (CDC) 3Y +48
• 01/26 $Benchmark Kingdom of Bahrain +8Y Sukuk, 12Y investor calls
• 01/26 $850M BioMarin 8NC3 investor calls

• Stocks continue to gain Monday, SPX eminis and Nasdaq indexes rising to approximate 10 day highs while the DJIA fails to clear last Thursday highs in late trade. Currently, the DJIA trades up 322.03 points (0.66%) at 49,421.74 vs. 49,456.54 high, S&P E-Mini Futures up 43.5 points (0.63%) at 6,989.5, Nasdaq up 138.9 points (0.6%) at 23,640.10.
• Support appeared more driven by position squaring than outright longs extending as markets await the FOMC policy announcement this Wednesday, not to mention a raft of corporate earnings announcements this week.
• Earnings expected early Tuesday: UnitedHealth Group, American Airlines, United Parcel Service, JetBlue Airways, NextEra Energy, Northrop Grumman Corp, Synchrony Financial, Sysco Corp, PACCAR, Boeing, HCA Healthcare, Kimberly-Clark, General Motors, Invesco Ltd and Union Pacific Corp.
• IT and Communication Services sector shares continued to lead advances in the second half, hardware manufacturers buoyed the former: Arista Networks +6.02%, Seagate Technology +4.94%, Oracle +3.80%, Crowdstrike Holdings +3.51%, Akamai Technologies +3.48% and Cisco Systems +3.30%.
• Media and entertainment shares supported the Communication Services sector: Match Group +2.86%, Meta Platforms +2.34%, Paramount Skydance +2.18% and Alphabet +1.92%.
• Conversely, a mix of Consumer Staples and Consumer Discretionary sector shares underperformed in late trade: Darden Restaurants -5.19%, Target -3.50%, Ulta Beauty -3.07%, Chipotle Mexican Grill -2.79%, Tesla -2.56%, Tapestry -2.44%, Dollar Tree -2.22% and TJX Cos -2.01%

• RES 4: 188.65 3.236 proj of the Oct 17 - Oct 30 - Nov 5 price swing
• RES 3: 187.67 Bull channel top drawn from the Feb 28 ‘25 low
• RES 2: 186.87 High Jan 23 and the bull trigger 
• RES 1: 184.16 20-day EMA 
• PRICE: 183.07 @ 16:08 GMT Jan 26
• SUP 1: 181.79 Low Jan 26
• SUP 2: 181.57 Low Dec 17
• SUP 3: 180.50 Low Dec 8
• SUP 4: 179.54 Base of a bull channel drawn from the Feb 28 ‘25 low

A reversal off Friday’s high in EURJPY highlights a short-term top. The cross has breached the 20-day EMA and sights are on support around the 50-day EMA, at 182.53 (pierced). A clear breach of the 50-day average would signal a stronger reversal and open 181.57, the Dec 17 low. For bulls, a resumption of gains would refocus attention on Friday’s high and bull trigger, at 186.87. A break of this hurdle would reinstate the recent uptrend.