Contracts consolidated a bit in late trading overnight but the move is so far contained and not jeopardizing the immediate bullish trend. We therefore favour to be buyer into this weakness.
ESTOXX Z3 (ref. 4319): The contract has been drifting a touch lower since yday's afternoon as it escaped on the downside from its VST ascending channel in place since Tuesday afternoon. Nevertheless, the breakout was not impulsive and the contract bounced around the 4310 (adjusted @ 4308) support. We still favour to play another push higher with 4339 then 4359 in sight.
Supports: 4308 -4293 - 4283 - 4260
Resistances: 4339 - 4359 - 4375 - 4488
S&P Z3 (ref. 4515.75): After stopping its advance on the 4540 resistance yday, the contract has been extending a bit its consolidation overnight but the move is not impulsive and we therefore believe that this is only a pause ahead of another push higher. As highlighted yday, above 4500, we still see the bias on the upside and favour an up move with 4540 then 4556 in sight.
Supports: 4506.5 - 4500 - 4482 - 4462
Resistances: 4540 - 4556 - 4570 - 4580
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About the Author: Letheuil fabien
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