EQUITY TECHS: E-MINI S&P: (H5) Key Resistance Remains Exposed
- 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: 6132.00 @ 14:26 GMT Feb 19
- SUP 1: 6075.54 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 faded off highs intraday, but remain firm and hold the bulk of the recent phase of strength. Attention remains on resistance at 6162.25, the Jan 24 high. Clearance of this level would expose the 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 highlight a bearish development.
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STIR: Goldman Recommend SFRZ5/Z6 Flattener
Goldman Sachs recommended selling the SFRZ5/Z6 spread late on Friday.
- They noted that “a relatively mild December CPI print answered the question as to what would break the fall in Treasuries, reducing what we had argued was as an excessive accumulation of hike risk on the U.S. curve.”
- They went on to suggest that “while the strength of growth signals remain consistent with a less urgent argument for cuts, we think the broader set of information supports the rates market building greater confidence in modal outcomes for gradually lower yields.”
- “Even with the CPI news, front-end inflation continues to suggest the market is more worried about durable price pressures than our economists.”
EQUITIES: EU Bank put buyer
SX7E (19th Dec) 150p, bought for 11.10 in 6k vs 2.5k at 158.15.
EURGBP TECHS: Trend Needle Points North
- RES 4: 0.8545 High Aug 21
- RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg
- RES 2: 0.8494 High Aug 26 ‘24
- RES 1: 0.8474 Intraday high
- PRICE: 0.8559 @ 14:15 GMT Jan 20
- SUP 1: 0.8403/8355 Low Jan 16 / 20-day EMA
- SUP 2: 0.8336/8284 50-day EMA / Low Jan 8
- SUP 3: 0.8263 Low Dec 31
- SUP 4: 0.8223 Low Dec 19
EURGBP maintains a firmer tone and the cross has traded to a fresh short-term cycle high today. The latest recovery undermines the recent bearish theme and suggests scope for stronger short-term gains. Recent resistance points at 0.8376, the Nov 19 high, and 0.8448, the Oct 31 high, have been breached, strengthening the current bullish theme. Sights are on 0.8494 next, the Aug 26 ‘24 high. Support at the 50-day EMA is at 0.8336.
