The main EZ contract is consolidating a bit more than we thought this morning, but the overall pattern remains constructive. Meanwhile, S&P has been drifting higher within an intraday ascending channel.
ESTOXX M4 (ref. 5067): The contract is trading a touch below the 5070 support we highlighted this morning as it is currently drifting lower within a VST descending channel in place since Friday's top. Nevertheless, the overall bias remains bullish, and we expect the current pause to be limited towards the lower end of the channel (5058) ahead of a push higher with 5090/5100 in sight.
Supports: 5058 - 5043 - 5030 - 5003
Resistances: 5090 - 5100 - 5120 - 5150
![](https://cdn.prod.website-files.com/645ec4f850427b533799c925/66423aac204dadf5b0bd570e_20240513_VGM4_60MIN_2.png)
S&P M4 (ref. 5262.25): The contract remains well oriented following last week's upward breakout of a MT descending trend line. On an intraday basis, following Friday's down move in late trading, it has been recovering within an ascending channel, and we still favour further advance with 5270 then 5286 in sight. Immediate support now lies at 5248.
Supports: 5248 - 5232.5 - 5220 - 5200
Resistances: 5270 - 5286 - 5308 - 5325
![](https://cdn.prod.website-files.com/645ec4f850427b533799c925/66423aac204dadf5b0bd570b_20240513_ESM4_60MIN_2.png)
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About the Author: Letheuil Fabien
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