OUTLOOK: Price Signal Summary - S&P E-Minis Structure Remains Bullish

Nov-17 11:26

In the equity space S&P E-Minis maintain a firmer tone. The contract traded sharply higher Tuesday, and is holding on to this week’s gains. Resistance at 4415.25, a trendline drawn from the Jul 27 high, has been cleared. This reinforces bullish conditions and signals scope for gains towards 4552.38, a Fibonacci retracement. On the downside, initial firm support is seen at 4387.01, the 20-day EMA.
A short-term bull cycle in EUROSTOXX 50 futures remains intact and the contract is trading higher today. Price has recently cleared resistance at both the 20- and 50-day EMAs - a bullish development. Note that Tuesday’s gains resulted in a breach of resistance at 4256.00, the Oct 12 high. The focus is on 4359.00, the Sep 15 high. A break would open 4388.00, the Aug 30 high. Initial firm support to watch is at 4190.30, the 20-day EMA.

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Oct-18 11:14

Periphery yields follow core EGBs lower, but the BTP/Bund spread has continued its grind higher to trade 3.8bps wider on the day at 204.5bps.

The turning point in EGBs has been partially related to French headlines, where a number of airports have been evacuated after "threats of attack".
Italy underperforms, with the BTP 2s10s curve bear steepening to trade 1.6bps wider at 82.0bps. The Italian exchange auction earlier will have provided pressure to BTPs (selling longer-maturity BTP supply in exchange for BTP Short Term/BTP Italia's), while the Italian trade balance and in-line eurozone final September inflation were not market movers.
Portugal is once again the periphery outperformer, the 10-yearPGB/Bunds is 0.8bps tighter at 72.1bps.

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