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E-MINI S&P (Z1): Holding Above The 50-Day EMA

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(Z1) Trend Needle Points South

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(X1) Bearish Focus

By Les Castell
     Click below for today's MNI US Morning FI Technical Analysis Report -
http://tinyurl.com/h8pyhnq
US 5YR FUTURE TECHS: (Z17) Key Support Seen Between 118-085/118-035
*RES 4: 118-260 8 week bull channel top
*RES 3: 118-232 Aug 29 high
*RES 2: 118-205/215 Hourly high Aug 29, Sep 1 high
*RES 1: 118-172/180 Hourly resistance
*PRICE: 118-152 @0951GMT
*SUP 1: 118-085 76.4% Fibo of 118-040/118-232
*SUP 2: 118-075 8 week bull channel base
*SUP 3: 118-035/040 38.2% of 117-035/1187-232, Aug 23 low
*SUP 4: 117-280/295 Aug 16 low, 50% of 117-035/1187-232
*COMMENTARY* Still basically trading within the 8 week bull channel, having
momentarily spiked the topside last Wednesday. Initial support from the
118-085/118-075 area today, loss would break the channel base but will likely
take a move below the slightly lower 118-040/118-035 region, before any real
impetus will follow. Meanwhile, 118-172/118-215 provides the bar to fresh upside
interest.
     
US 10YR FUTURE TECHS: (Z17) 126-065/126-075 Becomes Key Support Area
*RES 4: 127-305 1% volatility band
*RES 3: 127-105 Aug 29 high
*RES 2: 127-075 Sep 1 high
*RES 1: 127-015 Hourly resistance
*PRICE: 126-260 @1009GMT
*SUP 1: 126-170/190 Aug 27, 28, Sep 1 lows
*SUP 2: 126-150 76.4% Fibo of 126-065/127-105
*SUP 3: 126-075 8 week rising support line
*SUP 4: 126-065 Aug 23 low
*COMMENTARY* Still losing ground after reaching a high of 127-105 last week. The
recent loss of 126-215 has unsettled recent upside momentum, leaving
126-190/126-150 as the next potential area of support. Loss here would caution
but attention is probably fixed on the lower 126-075/126-065 region. This the
area of the 8 week support line. In the interim, resistance comes from
127-015/127-075, back above the latter required to reignite upside interest.
     
US 30YR FUTURE TECHS: (Z17) Suffering Effects Of Bearish 'Doji' Candle Close
*RES 4: 157-11 7 week bull channel top projection
*RES 3: 156-28/29 Aug 29 high, 1% volatility band
*RES 2: 156-12 Sep 1 high
*RES 1: 155-23/29 Hourly resistance
*PRICE: 155-09 @1018GMT
*SUP 1: 154-30 Aug 28 low
*SUP 2: 154-19/22 Aug 11 high, Aug 25 low
*SUP 3: 154-09 Aug 22, Aug 23 lows
*SUP 4: 153-25/28 1% vol band, 7 week rising support line
*COMMENTARY* Reached a high of 156-28 last week, as moved towards the top of the
7 week bull channel. The subsequent fall is a concern however, creating a
potentially bearish 'Doji' candle close on the daily chart. Initial support from
155-15/155-16 has now been lost and should allow a further 154-30/154-09 fall,
as we correct gains from the Aug 16 low at 152-10. In the interim, 155-23/155-29
provides near term resistance but Friday's 156-12 high a tougher ask above.
     US EURODOLLAR TECHS: (Z17) Rally Brings 98.610-98.630 Resistance To The
Fore
*RES 4: 98.680 May 30 2016 low, now resistance
*RES 3: 98.655 May 18 high
*RES 2: 98.630 Jun 14 high
*RES 1: 98.610 Jun 6 high
*PRICE: 98.575 @1020GMT
*SUP 1: 98.555 Aug 25 low
*SUP 2: 98.535 Congestion area Jul 27-Aug 17
*SUP 3: 98.520 Jul 25, Jul 26 lows
*SUP 4: 98.495 Jul 6 low, 50% Fibo of 98.335-98.655
*COMMENTARY* After weeks of consolidation we have seen a break above
98.580-98.590 resistance. This should allow some further progression, as we claw
back losses from the May 18 high at 98.655. Next up is the Jun 6 high at 98.610
and then the Jun 14 high at 98.630. Back above the latter required however,
before the near term bias will switch from corrective to favour the topside
again. Support rises to 98.555 initially and then backed up by 98.535-98.520.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]