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GERMAN DATA

ZEW Expectations Sentiment Surges in May

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  • RES 4: 4280.50 Bull channel top drawn off the Apr 4 low
  • RES 3: 4252.26 2.0% 10-dma envelope
  • RES 2: 4239.26 1.764 proj of the Feb 1 - Feb 16 - Mar 4 price swing
  • RES 1: 4211.00 High Apr 29
  • PRICE: 4162.00 @ 12:41 BST May 4
  • SUP 1: 4162.00 Intraday low
  • SUP 2: 4132.59 20-day EMA
  • SUP 3: 4110.50 Low Apr 20 and key support
  • SUP 4: 4091.05 Bull channel base drawn off the Apr 4 low
The e-mini S&P is lower but continues to trade within the parameters of its relatively tight range. The outlook is bullish and last week saw the contract trade to a cycle high of 4211.00. This once again confirms a resumption of the uptrend as the price sequence of higher highs and higher lows extends. The focus is on 4239.96, the 1.764 projection of the Feb 1 - Feb 16 - Mar 4 price swing. Key short-term support is unchanged at 4110.50, Apr 20 low.