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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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  • RES 4: 4307.05 Bull channel top drawn off the Apr 4 low
  • RES 3: 4261.77 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: 4204.00 @ 12:44 BST May 7
  • SUP 1: 4120.50 Low May 4
  • SUP 2: 4110.50 Low Apr 20 and key support
  • SUP 3: 4045.85 50-day EMA
  • SUP 4: 4012.50 Low Apr 2

The e-mini S&P is firmer but remains below Tuesday's high. The recovery from the Tuesday low however provides further evidence that dip buyers remain a key driver for markets. Furthermore, key support at 4110.50, May 4 low and 4117.60, a bull channel base drawn of the Mar 4 low remain intact. This keeps the outlook bullish with the focus on 4211.00, Apr 29 high and the bull trigger. A break would open 4239.96, a Fibonacci projection.