AMERICAS OIL: Pemex to Present Business Plan “Very Soon”

• RES 4: 111-30   76.4% retracement of the May 1 - 22 downleg
• RES 3: 111-19+ 1.0% 10-dma envelope
• RES 2: 111-14+ High Jun 5 & 61.8% of the May 1 - 22 downleg
• RES 1: 110-19+/20+ 50-day EMA / Jun 11 High
• PRICE:‌‌ 110-15 @ 16:44 BST Jun 11
• SUP 1: 109-26   Low May 29          
• SUP 2: 109-12+ Low May 22 and the bear trigger 
• SUP 3: 109-09+ Low Apr 11 and key support
• SUP 4: 108-25+ 0.764 proj of the Apr 7 - 11 - May 1 price swing

The recent reversal in Treasury futures was partially erased Wednesday on the back of the soft US CPI print, keeping markets cognizant of the underlying bullish theme for Treasury prices. Key short-term resistance remains 111-14+, a Fibonacci retracement and the Jun 5 high. Clearance of this hurdle would be bullish. First resistance at the 110-19+ 50-day EMA has been pierced. Any extension lower would expose support at 109-26, the May 29 low, where a break would open key support and the bear trigger, at 109-12+, the May 22 low. 

• Stocks cling to mild/moderately higher levels ahead midday Wednesday, off post-CPI data highs amid cautious optimism after several US/China trade related headlines aired this morning.
• The main topic of the talks concluded late Tuesday -- were not the imposition of tariffs that has dominated the global news and economic cycle for the past two months, but Chinese export controls on rare earth metals that are crucial for US supply chains and US restrictions on the export of semiconductors and other related technologies linked to artificial intelligence (AI) to China.
• Currently, the DJIA trades up 170.13 points (0.4%) at 43046.38, S&P E-Minis up 11.75 points (0.19%) at 6057.75, Nasdaq up 49.3 points (0.3%) at 19766.81.
• Information Technology and Health Care sectors primarily led gainers in the first half, while Materials, Consumer Staples and Communication Services sectors underperformed.
• Leading gainers included: Palantir Technologies +3.40%, Super Micro Computer +3.03%, Broadcom +2.95% and Moderna +2.46%. Separately, Starbucks +3.08%, GE Vernova +2.74%, General Motors +2.66% and Warner Bros Discovery +2.35%.
• Laggers included Lockheed Martin -5.71%, Nucor -5.18%, Intel -4.69%, PG&E -3.52%, Constellation Brands -2.86% and Best Buy Co -2.40%. Separately, airlines traded weaker with United Airlines -2.36% and Delta Air Lines -2.11%.

• EUR/USD: Jun13 $1.1400-05(E1.7bln), $1.1485-00(E2.0bln); Jun16 $1.1400(E1.3bln), $1.1450-65(E1.5bln), $1.1500(E1.5bln)
• USD/JPY: Jun13 Y144.00($1.2bln); Jun16 Y145.00($4.4bln)