NORWAY: NFC Credit Growth Eased Notably In December
Norwegian December credit growth eased to 3.3% Y/Y, from 3.6% prior. Credit growth fell across key g...
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EQUITY TECHS: E-MINI S&P: (H5) Bear Threat
- RES 4: 6194.19 1.236 proj of the Aug 5 - Sep 3 - Sep 9 price swing
- RES 3: 6178.75 High Dec 6 and key resistance
- RES 2: 6163.75 High Dec 16
- RES 1: 6014.44/6107.50 50-day EMA / High Dec 26
- PRICE: 5957.00 @ 07:22 GMT Dec 31
- SUP 1: 5918.25/5866.00 Low Dec 30 / 20
- SUP 2: 5811.65 38.2% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. A break of this level is required to open key resistance at 6178.75, the Dec 6 high.
GOLD TECHS: Still Looking For Weakness
- RES 4: $2730.4 - 76.4% retracement of the Oct 31 - Nov 14 bear leg
- RES 3: $2664.5 - High Dec 16
- RES 2: $2726.2 - High Dec 12
- RES 1: $2637.3/2692.8 - 50-day EMA / High Dec 13
- PRICE: $2607.7 @ 07:22 GMT Dec 31
- SUP 1: $2583.6 - Low Dec 19
- SUP 2: $2564.4 - Low Nov 18
- SUP 3: $2536.9 - Low Nov 14 and a key support
- SUP 4: $2511.1 - Low Sep 12
A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. MA studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2637.3, the 50-day EMA. A breach of this EMA would be positive for bulls.
BONDS: Bonds are in the Green heading into Year End
- Europe is closed and the US and the UK will have an early close as we turn the page on 2024.
- US Tnotes (TYH5) continues to see a decent recovery in Futures, right on the June High in Yield of 4.6357%, tested on the 26th December with a 4.6393% high on that day.
- Further upside continuation in futures will see the next immediate resistance in Futures at 109.08+ (4.48% in Yield), but the lack of liquidity will likely keep the contract fairly subdued, given that it has only traded 50k lots overnight and into the European session.
- There's no notable data, nor speakers for the session
