EQUITY TECHS: E-MINI S&P: (H5) Approaching Key Resistance Points
- RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing
- RES 3: 6200.00 Round number resistance
- RES 2: 6178.75 High Dec 6 and key resistance
- RES 1: 6162.25 High Jan 24
- PRICE: 6143.75 @ 07:45 GMT Feb 14
- SUP 1: 6069.60 20-day EMA
- SUP 2: 6014.00/5935.50 Low Feb 10 / 3
- SUP 3: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
- SUP 4: 5842.50 Low Jan 14
S&P E-Minis have traded higher this week. The recovery undermines a recent bearish threat and attention turns to the next resistance at 6162.25, the Jan 24 high. Clearance of this level would expose key resistance at 6178.75, the Dec 6 ‘24 high. A move above this hurdle would resume the primary uptrend. On the downside, initial key support has been defined at 6014.00, the Feb 10 low. A break would be viewed as a bearish development.
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EQUITIES: EU Cash opening calls
Estox 50: +0.36%, Dax: +0.29%, CAC: +0.33%, FTSE +0.52%, SMI +0.29%.
USDCAD TECHS: Bullish Trend Sequence
- RES 4: 1.4674 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4345 @ 07:54 GMT Jan 15
- SUP 1: 1.4348/4280 20-day EMA / Low Jan 6
- SUP 2: 1.4232 Low Dec 17
- SUP 3: 1.4197 50-day EMA
- SUP 4: 1.4011 Low Dec 5
The trend set-up in USDCAD remains bullish and short-term weakness is considered corrective. The latest pause in the uptrend still appears to be a flag formation - a bullish continuation signal. Note too that MA studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4348, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4203, the 50-day EMA.
USD: Broader USD selling is emerging
- Some broader USD selling is driving the bounce in Cable, taking its cue from the bid in Bond futures, US Tnotes (TYH5) breaks the overnight high, and eye a test to 107.18+, Yesterday's high.
- USDJPY is just finding support at the mentioned 156.92, was Monday's low, so far printed a 156.98 low.
