EUROSTOXX50 TECHS: (Z5) Support Remains Intact
- RES 4: 5777.41 1.382 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 3: 5727.18 1.236 proj of the Aug 1 - 22 - Sep 2 price swing
- RES 2: 5700.00 Round number resistance
- RES 1: 5689.00 High Oct 2 and the bull trigger
- PRICE: 5604.00 @ 06:51 BST Oct 17
- SUP 1: 5497.00 Low Oct 14
- SUP 2: 5493.86 50-day EMA
- SUP 3: 5423.00 Low Sep 25
- SUP 4: 5366.00 Low Sep 17
The trend direction in Eurostoxx 50 futures remains up - for now - and the latest pullback appears to have been a correction. The contract remains above key support at 5493.86, the 50-day EMA. A clear break of the 50-day average is required to highlight a stronger reversal. On the upside, the bull trigger is 5689.00, the Oct 2 high. Clearance of this hurdle would confirm a resumption of the uptrend.
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UK DATA: Unrounded CPI
- Headline 3.79%Y/Y in August (MNI median 3.7%, BOE 3.79%, 3.83% in July)
- Core 3.59%Y/Y in August (MNI median 3.7%, BOE 3.62%, 3.76% in July)
- Services 4.72%Y/Y in August (MNI median 4.8%, BOE 4.8%, 4.98% in July)
- NEIG 1.61%Y/Y in August (MNI median 1.66%, BOE 1.57%, 1.63% in July)
- Energy 2.47%Y/Y in August (MNI median 0.7%, BOE 2.03%, 1.45% in July)
- Food, alcohol, tobacco 5.33%Y/Y in August (MNI median 5.07%, BOE 5.32%, 5.14% in July)
- Food and non-alcoholic beverages 5.12%Y/Y in August (MNI median 4.75%, BOE 5.22%, 4.95% in July)
BTP TECHS: (Z5) Bull Trigger Remains Exposed
- RES 4: 122.56 0.764 proj of the Apr 9 - May 8 - 14 price swing (cont)
- RES 3: 121.88 0.618 proj of the Apr 9 - May 8 - 14 price swing (cont)
- RES 2: 121.00 Round number resistance
- RES 1: 120.74 High Aug 5 and the bull trigger
- PRICE: 120.17 @ Close Sep 16
- SUP 1: 119.06/118.36 Low Sep 4 / 3
- SUP 2: 118.00 Round number support
- SUP 3: 117.70 2.236 proj of the Aug 5 - 12 - 14 price swing
- SUP 4: 117.36 2.500 proj of the Aug 5 - 12 - 14 price swing
The primary trend condition in BTP futures is unchanged, it remains bullish. The strong rally that started Sep 3 reinforces this theme and signals the end of the recent corrective pullback between Aug 5 - Sep 3. Key resistance and the bull trigger is 120.74, the Aug 5 high. A break of this hurdle would confirm a resumption of the uptrend. Key support has been defined at 118.36, the Sep 3 low.
MNI: SWEDEN AUG SA UNEMPLOYMENT 8.8%
- MNI: SWEDEN AUG SA UNEMPLOYMENT 8.8%
