EUROSTOXX50 TECHS: (Z5) Corrective Pullback
- RES 4: 5900.00 Round number resistance
- RES 3: 5858.59 1.618 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 2: 5853.50 Bull channel top drawn from the Aug 1 low
- RES 1: 5825.00 High Nov 13
- PRICE: 5731.00 @ 06:32 GMT Nov 14
- SUP 1:5714.00 Low Nov 13
- SUP 2: 5676.84 20-day EMA
- SUP 3: 5600.97 50-day EMA
- SUP 4: 5593.50 Bull channel base drawn from the Aug 1 low
A medium-term bull trend in EUROSTOXX 50 futures remains intact and this week’s gains reinforce bullish conditions. Note that the sharp pullback Thursday appears to be a correction - for now. A resumption of gains would signal scope for a climb towards 5853.50 next, the top of a bull channel drawn from the Aug 1 low. On the downside, initial firm support is seen at 5676.84, the 20-day EMA.
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MNI: FRANCE SEP HICP -1.1% M/M, +1.1% Y/Y
- MNI: FRANCE SEP HICP -1.1% M/M, +1.1% Y/Y
- FRANCE SEP CPI -1.0% M/M, +1.2% Y/Y
- FRANCE SEP SERVICES CPI +2.4% Y/Y
- FRANCE SEP MANUFACTURED GOODS CPI -0.4% Y/Y
- FRANCE SEP FOOD CPI +1.7% Y/Y
- FRANCE SEP ENERGY CPI -4.4% Y/Y
EQUITY TECHS: E-MINI S&P: (Z5) Trend Needle Points North
- RES 4: 6850.87 1.618 proj of the Aug 1 - 15 - 20 price swing
- RES 3: 6831.38 2.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 2: 6819.25 1.500 proj of the Aug 1 - 15 - 20 price swing
- RES 1: 6722.50/6812.25 High Oct 14 / High Sep 9 and the bull trigger
- PRICE: 6711.25 @ 07:23 BST Oct 15
- SUP 1: 6605.62 50-day EMA
- SUP 2: 6540.25 Low Sep 10 and a key short-term support
- SUP 3: 6506.50 Low Sep 5
- SUP 4: 6427.00 Low Sep 2
A sharp sell-off in S&P E-Minis last Friday appears corrective - for now. The contract has found support below the 50-day EMA, currently at 6605.62, and the Oct 10 low of 6940.25 has been defined as a key short-term support. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 6812.25, the Sep 9 high. A breach of this hurdle would confirm a resumption of the uptrend.
WTI TECHS: (X5) Bear Trend Extension
- RES 4: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $73.39 - High Jun 23 and a bull trigger
- RES 2: $66.42/68.43 - High Sep 29 and key resistance / High Jul 30
- RES 1: $62.47 - 50-day EMA
- PRICE: $58.79 @ 07:20 BST Oct 15
- SUP 1: $57.68 - Low Oct 14
- SUP 2: $57.50 - Low May 30
- SUP 3: $54.89 - Low May 5
- SUP 4: $54.10 - Low Apr 9 and a key support
A bearish theme in WTI futures remains intact and Tuesday’s fresh cycle low reinforces current conditions. The move down last week resulted in a break of support at $60.40, the Oct 2 low. This highlights an extension of the bearish price sequence of lower lows and lower highs and the move down opens $57.50 next, the May 30 low. On the upside, key resistance is at $66.42, the Sep 29 high. First resistance is at $62.47, the 50-day EMA.
