EQUITIES: Deutsche Bank Put buyer
DBK (20/06/25) 10p, bought for 0.50 and 0.48 in 11.7k.
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EQUITIES: New record highs for SPX and NDX
- A slightly below than expected open for the SPX and the NDX, although the SPX has registered a new record, the NDX lagged, but is now making a new record high.
- Next upside resistance in SPX is at 5580.00 - 1.00 projection of the Apr 19 - May 23 - May 31 price swing, followed by 5600.00 handle.
- NDX would see 20579.22 - 1.236 projection of the Apr 19 - May 23 - May 31 price swing.
US: Biden To Congressional Dems: "I Am Firmly Committed To Staying In This Race"
US President Joe Biden has circulated a lengthy letter to Congressional Democrats pledging to remain in the presidential race, despite "all the speculation in the press and elsewhere."
- Biden: "I have heard the concerns that people have... I am not blind to them. Believe me, I know better than anyone the responsibility and the burden the nominee of our party carries... I can respond to all this by saying clearly and unequivocally: I wouldn't be running again if I did not absolutely believe I was the best person to beat Donald Trump in 2024."
- Biden's letter comes as lawmakers return to Washington after the July 4 recess, with some reports that dozens of wavering Democrats could publicly announce their opposition to Biden's candidacy.
- Yesterday, four senior House Democrats - the respective ranking members of the Judiciary, House Administration, Armed Services, and Veterans Affairs committees - called on Biden to suspend his campaign, bringing the total to nine on-record calls from Dem lawmakers for Biden to step aside.
- Biden must exceed expectations at the three-day NATO summit which gets underway in Washington, DC tomorrow. Considering Biden’s widely reportedly struggles at the D-Day commemorations and G7 summit last month, press scrutiny will be intense, likely amounting to a stress test on Biden’s ability to perform basic duties of office.
- On Thursday, Biden is scheduled to deliver a press conference to wrap up the summit. Democrats who remain on the fence over Biden's candidacy will likely be looking at this event for additional data on their final decision.
EQUITY TECHS: E-MINI S&P TECHS: (U4) Northbound
- RES 4: 5713.31 3.236 proj of the Apr 19 - 29 - May 2 price swing
- RES 3: 5700.00 Round number resistance
- RES 2: 5668.00 3.00 proj of the Apr 19 - 29 - May 2 price swing
- RES 1: 5629.00 Intraday high
- PRICE: 5628.00 @ 14:22 BST Jul 8
- SUP 1: 5516.51/5419.65 20- and 50-day EMA values
- SUP 2: 5267.75 Low May 31 and key support
- SUP 3: 5213.25 Low May 6
- SUP 4: 5155.75 Low May 3
The trend condition in S&P E-Minis is bullish and Friday’s gains reinforce this set-up. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the primary uptrend. The move higher last week confirmed a recent bull flag formation - a continuation signal - on the daily scale, further reinforcing bullish conditions. Sights are on 5668.00, a Fibonacci projection next. Support is at 5516.51, the 20-day EMA.
