INDIA: PAKISTAN-Ceasefire Holding, FM Spox Warns Agains Resumptio Of Hostilities

• In the equity space, a 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 5498.03, the 20-day EMA. Resistance at the 50-day EMA is at 5701.85. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. A break of this level would resume the M/T downtrend. Initial support to watch is 5098.16, the 61.8% retracement of the Apr 7 - 10 bounce.
• EUROSTOXX 50 futures continue to trade above their recent lows. The latest bounce highlights a corrective cycle and if this is correct, marks an unwinding of the recent oversold trend condition. Resistance levels to watch are 4998.90, the 20-day EMA, and 5131.98, the 50-day EMA. Key support and the bear trigger has been defined at 4444.00, the Apr 7 low. A break of this level would confirm a resumption of the downtrend. Initial support is seen at 4664.00, the Apr 10 low.

SOFR futures were subjected to more pronounced OI movement than their Tsy peers on Tuesday, with net long cover seemingly dominating in the whites, before net short cover came to the fore further out the strip.