OUTLOOK: Price Signal Summary - S&P E-Minis Bulls Remain In The Driver’s Seat

Jul-24 10:00

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* In the equity space, S&P E-Minis have once again traded to a fresh cycle high this week. The cli...

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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).

Tnotes Bund 24 06 25

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.