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.