COPPER TECHS: (N5) Bear Threat
- RES 4: $541.50 - High Mar 26 and a key resistance
- RES 3: $521.30 - High Mar 28
- RES 2: $509.85 - 76.4% retracement of the Mar 26 - Apr 7 bear leg
- RES 1: $498.25 - High Apr 23 and a key short-term resistance
- PRICE: $468.90 @ 14:24 BST May 14
- SUP 1: $447.75 - Low May 9
- SUP 2: $436.00/407.40 - Low Apr 10 / 7 and the bear trigger
- SUP 3: $400.00 - Psychological round number
- SUP 4: $392.10 - Low Aug 7 ‘24 low (cont) and a key support
Copper futures traded sharply lower on Apr 30, undermining the recent bullish theme. This suggests that the rally between Apr 7 - 23 has been a correction. Key short-term resistance has been defined at $498.25, the Apr 23 high. A resumption of weakness would expose $436.00, the Apr 10 low ahead of $407.40, the Apr 7 low and key support. On the upside, a break of $498.25 is required to reinstate a bullish theme.
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EQUITIES: US Opening calls
SPX: 5,465.3 (+1.9%); DJIA: 40,789 (+1.4%/+577pts); NDX: 19,120.3 (+2.3%).
EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5724.13 50-day EMA
- RES 1: 5512.18 20-day EMA
- PRICE: 5479.50 @ 14:10 BST Apr 14
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A short-term reversal in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.
EQUITIES: EU Bank outright call buyer
SX7E (20th June) 180c, bought for 4.25 in 12k vs 3.84k at 168.00.
