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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: 130.38 High Feb 17 / 18
  • RES 3: 129.75 High Feb 19
  • RES 2: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 1: 128.80 High May 7
  • PRICE: 127.23 @ Close May 12
  • SUP 1: 127.15 Low May 12
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.64 1.0% 10-dma Envelope
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

The Gilt futures outlook remains bearish. The pullback from 128.80, last week's high on May 7, has extended, with markets taking out a firm area of support between 127.40 and 127.32, the Apr 29 and Apr 1 lows respectively. This strengthens the bearish case and exposes the major support at 126.79, Mar 18 low and the bear trigger. A break of 126.79 would confirm a resumption of the broader downtrend. Initial firm resistance is 128.80.