SOFR: Mix Of Long Setting & Short Cover In Futures On Tuesday

US Data/Speaker Calendar (prior, estimate). All times ET

• Jul-21 1000 Leading Index (-0.1%, -0.3%)
• Jul-21 1130 US Tsy $82B 13W, $73B 26W bill auctions
• FOMC now in media blackout

Source: Bloomberg Finance L.P. / MNI

• In the equity space, S&P E-Minis traded high last week resulting in a fresh cycle high. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Sights are on 6381.50, a 1.764 projection of the Apr 7 - 10 - 21 price swing. Key support is at the 50-day EMA, at 6101.83. Support at the 20-day EMA is at 6246.73.
• A bull cycle in EUROSTOXX 50 futures remains in play and recent weakness appears corrective. Support to watch is 5281.00, the low on Jul 1 and 4. A clear break of this price point would strengthen a bearish threat. Recent gains have exposed key resistance and the bull trigger at 5486.00, the May 20 high. It has been pierced, a clear breach of it would resume the medium-term bull cycle that began Apr 7 and open the 5500.00 handle.