RUSSIA: Putin Set To Deliver Address On 'Current International Situation'

Bloomberg headlines from ECB/Banque de France's Villeroy:

• "*ECB'S VILLEROY: INFLATION IS WELL UNDER CONTROL"
• "*ECB'S VILLEROY: INFLATION ALLOWS FOR FAVORABLE INTEREST RATES"
• "*ECB'S VILLEROY: URGENT TO TACKLE FRENCH DEFICIT, DEBT CHALLENGE"

On the French fiscal situation, a reminder that the Government is targeting a 5.4% deficit in 2025, 4.6% in 2026 and 2.8% by 2029. Last week, Finance Minister Lombard said he was "confident" in the 2026 projection, though but the median analysts (according to Bloomberg) currently projects a 5.4% deficit next year. 

• RES 4: 6600.00 Round number resistance
• RES 3: 6590.30 2.0% 10-dma envelope
• RES 2: 6543.75 2.00 proj of the Apr 7 - 10 - 21 price swing  
• RES 1: 6523.00 High Aug 28 and the bull trigger 
• PRICE: 6411.50 @ 14:59 BST Sep 2
• SUP 1: 6383.25/6362.75 Intraday low / Low Aug 20
• SUP 2: 6332.30 50-day EMA 
• SUP 3: 6313.25 Low Aug 6 
• SUP 4: 6239.50 Low Aug 1 and a key support

A bull cycle in S&P E-Minis remains intact and the latest pullback is - considered corrective. Price has traded through the 20-day EMA, at 6439.95. The key support to watch lies at the 50-day EMA, at 6332.30. A clear break of this EMA is required to signal scope for a deeper retracement. This would open 6239.50, the Aug 1 low and also a key support. Moving average studies still highlight a dominant uptrend. The bull trigger is 6523.00, the Aug 28 high.