RUSSIA: US Envoy Meets Russian Negotiator as Impatience Grows Over Ceasefire

• RES 4: 6178.75 High Dec 6 ‘24 and key resistance   
• RES 3: 6166.50 High Jan 19
• RES 2: 6019.64 50-day EMA
• RES 1: 5884.00/5924.0 High Mar 4 / Low Feb 25                 
• PRICE: 5825.75 @ 07:12 GMT Mar 5  
• SUP 1: 5744.00 Low Mar 4                
• SUP 2: 5730.00 Low Sep 18 ‘24
• SUP 3: 5698.25 Low 50.0% retrace of the Aug 5 - Dec 6 ‘24 bull leg
• SUP 4: 5658.00 Low Sep 12 ‘24     

A sharp sell-off in the S&P E-Minis contract this week, reinforces a short-term bear threat. The contract traded to a fresh short-term cycle low yesterday - price has breached support at 5809.00, the Jan 13 low. This highlights a stronger reversal and a double top pattern on the daily scale. A resumption of weakness would open 5698.25, a Fibonacci retracement. Initial firm resistance to watch is 6019.64, the 50-day EMA.

• Also for Supply this Morning, UK £4.25bn 2030, would equate to 20.5k Gilt, could weigh, although EGBs are already deep in the red, so will be a punchy open for the Gilt contract.
• At current levels, sees a whopping wide 91.43/92.52 range for Calls.

• RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
• RES 2: 5600.00 Round number resistance   
• RES 1: 5575.00 High Mar 3 and the bull trigger             
• PRICE: 5498.00 @ 07:02 GMT Mar 5 
• SUP 1: 5373.00 Low Mar 4              
• SUP 2: 5328.00 Low Feb 106 
• SUP 3: 5281.53 50-day EMA  
• SUP 4: 5112.00 Low Feb 3 and a key support   

The trend in the Eurostoxx 50 futures contract remains bullish and Monday’s strong start to the week reinforces current conditions. However, the contract has traded in a volatile manner this week and pulled back from Monday’s high. Key S/T support at 5394.00, the Feb 28 low, has been pierced. A clear break of it would signal scope for a deeper retracement towards the 50-day EMA at 5281.53. For bulls, a resumption of the trend would open 5600.00.