ISRAEL: Hamas Claim Agreement Reached w/US' Witkoff On Gaza Ceasefire Framework
Hamas has released a statement indicating it has accepted a ceasefire framework. Hamas: "We are making great efforts to stop the brutal war on the Gaza Strip, the latest of which was reaching an agreement with US envoy Witkoff on a general framework that achieves a permanent ceasefire, a complete withdrawal of occupation forces, the flow of aid, and a professional committee assuming control of the Strip's affairs immediately after the agreement is announced. The agreement includes the release of 10 Israeli prisoners and a number of bodies, in exchange for the release of an agreed-upon number of Palestinian prisoners, guaranteed by the mediators. We await a final response on this framework."
- It is unclear if the framework agreed to by Hamas is the same as that laid out by Witkoff. CNN reported on 27 May that "Hamas had agreed to a proposal that would see the release of 10 hostages in two groups in exchange for a 70-day truce. Witkoff told CNN that was not his proposal. “What I have seen is completely unacceptable,” Witkoff said, referring to the report."
- While Hamas claims it has reached an agreement with Witkoff on the permanent ceasefire demanded by the US, it also references the release of 10 Israeli prisoners, seemingly rejected by Witkoff.
- The announcement comes a short time after Israeli PM Benjamin Netanyahu confirmed in a speech to the Knesset that Hamas leader Mohammed Sinwar was killed as part of an IDF airstrike in Khan Younis on 13 May. The likely killing of Mohammed Sinwar was widely speculated upon following the airstrike.
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EQUITY TECHS: E-MINI S&P: (M5) Monitoring Resistance At The 50-Day EMA
- RES 4: 5837.25 High Mar 25 and a bull trigger
- RES 3: 5773.25 High Apr 2
- RES 2: 5622.38 50-day EMA and a key resistance
- RES 1: 5563.00 Intraday high
- PRICE: 5561.50 @ 14:27 BST Apr 28
- SUP 1: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 2: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 3: 4832.00 Low Apr 7 and the bear trigger
- SUP 4: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
The corrective bull cycle in S&P E-Minis that started on Apr 7, remains in play. The contract traded higher last week and breached a number of important short-term resistance points. Price has cleared the 20-day EMA and pierced 5528.75, the Apr 10 high. The next key resistance is 5622.38, the 50-day EMA. A clear breach of this EMA would strengthen a bull theme. Initial key support lies at 5127.25, the Apr 21 low. A break would be bearish.
EQUITIES: US Cash Opening calls
SPX: 5,538.3 (+0.2%); DJIA: 40,235 (+0.3%/+122pts); NDX: 19,470.3 (+0.2%).
US: GOP Leaders Faces Toughest Test Yet As Reconcilliation Markup Begins
Republican-led House committees will tomorrow begin marking up the massive reconciliation package that GOP leadership hopes to pass in a party-line vote before Memorial Day. The package covers the bulk of President Donald Trump’s tax, border security, and energy agenda and is likely to include a roughly four trillion-dollar hike to the federal debt limit.
- For the first time, House Republicans will ink out the specifics of huge cuts to government services they outlined in broad strokes in their budget blueprint. The cuts, including USD$880 billion from the Department of Commerce, are likely to include major reforms to safety net programmes like Medicaid.
- So far, House Republican leadership has defied expectations, forcing a series of votes through a razor-thin majority despite warnings from conservatives over deficit spending in the reconciliation bill.
- This month’s mark-ups will be a more difficult lift for leadership. House Republican cuts are likely to go beyond what is palatable for House moderates and Senate Republicans and come as Trump’s sinking approval rating flashes warning signs for frontline Republicans.
- The Treasury Department is expected to send Congress its formal projection for the so-called X-date this week. As the reconciliation package includes a debt limit hike, the X-date will provide a hard backstop for getting the package through Congress.
- House Speaker Mike Johnson (R-LA) will meet Trump at the White House at 14:00 ET 19:00 BST to discuss reconciliation. The pair may discuss the prospect of a millionaire tax as a revenue source.
