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EQUITIES

A gap lower for Stoxx600 on the cash open

SPAIN DATA

Spanish GDP Rose in Q2

GILTS

Opening calls

NOK

Trades in  the red against all majors

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  • RES 4: 135-22 2.618 proj of Jun 17 - 21 - 25 price swing
  • RES 3: 135-19+ 50% Aug'20 - May'21 Sell-Off
  • RES 2: 135-09 High Feb 25
  • RES 1: 135-07 High Jul 20 and the bull trigger
  • PRICE: 134-10 @ 16:05 BST Jul 22
  • SUP 1: 133-26 Low Jul 19
  • SUP 2: 132-30+ Low Jul 14 and High Jun 21
  • SUP 3: 132-23+ 50-day EMA
  • SUP 4: 132-18 Bull channel base drawn off the May 30 low

Treasury futures found resistance at Tuesday's high of 135-07 and continue to pull back. Monday's climb resulted in a break of the bull channel top drawn from the Mar 30 low - a bullish development. Price however has moved back into the channel. Key S/T support is at 133-26, Jul 19 low. The outlook is bullish while it holds. A break though would signal scope for a deeper pullback within the channel. 135-07 is the bull trigger.