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Futures Softer Overnight


Tweaks To Emergency Declaration Mulled


(U1) Tilted Higher

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  • In the equity space, the E-mini S&P (U1) broader uptrend has resumed, with new all time highs printed Thursday. The break confirms a resumption of the broader uptrend and opens, 4264.41, a Fibonacci projection. Further out, the break higher also exposes 4300.00 next. Initial firm support is at 4155.00, Jun 3 low. The broader medium-term trend support is at 4020.00, May 13 low.
  • In the FX space, EURUSD still appears vulnerable. The focus is on 1.2111, the 50-day EMA and 1.2104, Jun 4 low. This zone represents a key short-term support. GBPUSD recovered Thursday however the pair remains in a range. Key support lies at the May 13 low at 1.4006 while the 50-day EMA is just above at 1.4034. The outlook remains bullish while these levels hold. Recent USDJPY weakness resulted in a probe of support at 109.33, Jun 1 low. The pair is consolidating, however a clear break lower would threaten the recent uptrend and expose 108.56, May 25 low. 110.33, Jun 4 high is the bull trigger.
  • On the commodity front, Gold key short-term directional triggers are unchanged. These are; $1916.6, the Jun 1 high and bull trigger and $1856.2, the Jun 4 low. Trend conditions in oil remain bullish and price has traded higher this week. Brent (Q1) gains have opened $73.00 next, a round number resistance. WTI (N1) is holding onto recent highs. The focus is on $70.92, 2.764 projection of Mar 23 - 30 - Apr 5 price swing
  • Within FI, Bunds (U1) have this week topped the 50-day EMA at 172.00 and trend structures appear bullish. The contract is trading higher today and the focus is on 173.32 next, 76.4% of the Mar 25 - May 19 sell-off. Gilts (U1) traded higher Wednesday and cleared 127.74/82, the highs between Apr 20 and May 26. This opens 128.50, 1.00 projection of the May 13 - 26 - Jun 3 price swing.