CONSUMER STAPLES: Sudzucker | FY25 Final

OI data suggests that net short cover in the reds and net long setting in the greens provided the most meaningful positioning swings of note during Monday’s twist flattening of the SOFR futures strip.

• In the equity space, a short-term reversal in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low. Initial support to watch is 5098.16, the 61.8% retracement of the Apr 7 - 10 bounce.
• EUROSTOXX 50 futures continue to trade above their recent lows. The latest bounce highlights the start of a corrective cycle and if this is correct, marks an unwinding of the recent oversold trend condition. Resistance levels to watch are 5008.57, the 20-day EMA, and 5141.17, the 50-day EMA. Key support and the bear trigger has been defined at 4444.00, the Apr 7 low. A break of this level would confirm a resumption of the downtrend. Initial support is seen at 4664.00, the Apr 10 low.

Source: BBG