TTF NATGAS TECHS: (H5) Cements Break Below 50-Day EMA

Kaja Kallas, the European Commission Vice President and EU High Representative for Foreign Affairs, told Reuters she sees “no reason to weaken sanctions on Russia now,” noting she believes the EU will “find agreement to renew” sanctions.

• Kallas endorsed recent comments from US President Donald Trump calling on NATO members to hike defence contributions, but pushed back on his claims that the US is bearing the brunt of Ukraine financing: “We are [Ukraine's] biggest international donor.”
• Kallas noted that the EU must work “to ensure it’s at the table” for eventual Ukraine peace talks. Trump’s advisors have recently dialled back expectations that negotiations could take place within the first 100 days of Trump’s second term.
• Trump’s Treasury Sec nominee Scott Bessent appeared to confirm last week that the Trump administration is weighing the possibility of ratcheting up sanctions on Russia to force Moscow to the negotiating table. Some reporting has also suggested that Trump could unwind sanctions on Russia’s energy sector if a deal appears close. 
• Kallas said in a speech earlier today: "Russia poses an existential threat to our security today, tomorrow and for as long as we underinvest in our defence.”
• Kallas added: "Time is not on Russia's side. But it's not necessarily on ours either. Because we are not yet doing enough. There should be no doubt in any of our minds that we must spend more to prevent war. But we also need to prepare for war.”

• As expected the SPX has gapped higher on the open and worth seeing how prices are developing at these high levels, the all time record high stands at 6099.97.
• SPX trades at 6079.00, after printing a 6085.03 on the Open.

RES 4: 6178.75 High Dec 6 and key resistance   

• RES 3: 6163.75 High Dec 16  
• RES 2: 6148.00 High Dec 18 
• RES 1: 6114.75 Intraday high            
• PRICE: 6116.00 @ 14:19 GMT Jan 22 
• SUP 1: 5961.75 Low Jan 16         
• SUP 2: 5879.50/5809.00 Low Jan 15 / 13 and key S/T support
• SUP 3: 5784.00 Low Nov 4
• SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg

S&P E-Minis are trading higher this week, marking an extension of last week’s bull phase. Gains undermine a recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. It has been pierced, a clear break would strengthen a bullish theme. This would open 6178.75, the Dec 6 high and key resistance. Initial support to watch is 5961.75, the Jan 16 low.