OUTLOOK: Price Signal Summary - S&P E-Minis Bulls Remain In The Driver’s Seat
Jul-24 10:00
- In the equity space, S&P E-Minis have once again traded to a fresh cycle high this week. 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. With the 6400.00 handle cleared, sights are on 6439.88, a 1.500 proj of the May 23 - Jun 11 - 23 price swing. Key support is at the 50-day EMA, at 6131.47. Support at the 20-day EMA is at 6277.23.
- The trend condition in EUROSTOXX 50 futures remains bullish and recent weakness appears to have been a correction. Support at 5281.00, the Jul 1 / 4 low, remains intact. A clear break of this level would strengthen a bearish threat. Sights are on key resistance and bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle and open 5500.00.
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MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -33
Jun-24 10:00
- MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -33
- UK CBI JUN PRICE INTENTIONS 19
BONDS: Tnotes/Bund spread breaks the June low
Jun-24 09:57
- The Tnotes/Bund spread falls below the June low, given the heavy pressure in German Bond futures following the German Finance Ministry's announcements.
- The 195bps level has provided some good resistance throughout the Month of April, May and June.
- Next Immediate support comes at 175.47bps, the 6th May low, but a better area of interest is seen further out, down to ~167.4bps.
(Chart source: Bloomberg Finance LP/MNI).
OUTLOOK: Price Signal Summary - S&P E-Minis Resumes Its Uptrend
Jun-24 09:52
- In the equity space, the trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s strong start reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been pierced. A clear break of this level would confirm a resumption of the uptrend that started Apr 7. This would open the 6200.00 handle, a Fibonacci projection. Key support remains at the 50-day EMA - at 5913.50. A clear break of it would signal a reversal.
- A short-term bear cycle in EUROSTOXX 50 futures remains intact, however, the recovery from Monday’s low appears to be a potential reversal. The contract has traded above the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme and signal scope for a stronger recovery. This would open 5486.00, the May 20 high and bull trigger. On the downside, a breach of yesterday’s 5194.00 low would reinstate a bearish theme.
