EQUITY TECHS: Price Signal Summary - S&P E-Minis Pierces A Key Support
Feb-26 11:14
- In the equity space, the move down this week in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced yesterday, a clear break would allow for a deeper retracement. MA studies remain in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high. Initial resistance is 6069.41, the 20-day EMA.
- The trend needle in the EUROSTOXX 50 futures contract contract continues to point north and short-term weakness is considered corrective. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 5574.57 next, a 2.382 projection of the Nov 21 - Dec 9 - 20 ‘24 price swing. Initial firm support to watch is 5393.82, the 20-day EMA.
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UK: Proposal to move to T+1 settlement in October 2027
Jan-27 11:10
- There have been reports that Andrew Douglas, chair of the UK's Accelerated Settlements Taskforce (AST), has proposed a date of 11 October 2027 for the move to T+1. This is in line with the recommendation made by ESMA for the EU and a similar announcement by Switzerland last week. The final recommended date and implementation plan will be announced in February.
- Note that this was widely expected (as it makes sense to coordinate the move to T+1 with the EU and Switzerland) and the last report had recommended a move by the end of 2027.
- The last report from the AST was published in March (see here).
US TSY FUTURES: CFTC CoT Sees H Funds Trim Net Short, A Managers Add To Net Long
Jan-27 11:09
No particular cross-investor cohort themes within the latest CFTC CoT report:
- Leveraged funds added to existing net shorts in both TY & UXY futures, while they trimmed net shorts across the remainder of the curve. The net short cover element was more prominent in DV01 equivalent terms. They remain net short across all contracts.
- Meanwhile, asset managers added to existing net longs in TY, UXY and WN futures, while trimming net longs across the remainder of the curve. The net long setting element was slightly more prominent in DV01 equivalent terms. They remain net long across all contracts.
- Non-commercial investors added to net shorts in FV, TY & UXY futures, while adding to net longs in US futures and trimming net shorts in TU & WN futures. They remain net short in all contracts outside of US.
Source: MNI - Market News/Bloomberg
US: SOFR FIX - 27/01/25
Jan-27 11:09
SOFR FIX - Source BBG/CME:
- 1M 4.31300
- 3M 4.29387
- 6M 4.24623
- 12M 4.17975
