EM CREDIT RATING: This Is A Test Bullet
Dec-04 08:01
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GILTS: Flattish Open Seen
Nov-04 08:00
Desks note futures netting around 94.07, although some look for a slightly lower open.
EQUITIES: European & UK Futures Marginally Lower Into Cash Open
Nov-04 07:57
European & UK equity index futures provide a small negative bias into the cash open.
- Euro Stoxx 50 futures: -0.10%
- Dax futures: -0.09%
- CAC 40 futures: -0.10%
- FTSE MIB futures: -0.07%
- SMI futures: -0.34%
- FTSE 100 futures: -0.15%
- Contracts off lows.
- Narrowing of betting market odds covering the U.S. election and opinion polling themes (Harris-positive) have generated much of the interest today.
- Technically, Euro Stoxx 50 futures traded lower last week. Focus on 4,815.50 next, a 50.0% Fibonacci retracement point. Initial firm resistance has been defined at 5,015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4,943.50, the 20-day EMA.
SILVER TECHS: Corrective Bear Cycle
Nov-04 07:57
- RES 4: $36.050 - 2.236 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 3: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 2: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 1: $34.903 - High Oct 23 and the bull trigger
- PRICE: $32.586 @ 07:56 GMT Nov 4
- SUP 1: $32.295 - Low Oct 31
- SUP 2: $31.582 - 50-day EMA
- SUP 3: $30.093 - Trendline support drawn from the Aug 8 low
- SUP 4: $27.686 - Low Sep 6
Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. The metal has breached the 20-day EMA. A continuation lower would highlight scope for a deeper retracement and open £31.582, the 50-day EMA. For bulls, a reversal higher would refocus attention on $34.903, the Oct 23 high. Clearance of this level would confirm a resumption of the uptrend.
