Contracts have been consolidating yday, but this pause is taking the shape of ranges or slightly descending channels. It is therefore not jeopardizing the overall bullish trend, and we maintain our advise to be buyers into weakness.
ESTOXX M4 (ref. 5075): The contract remains within the consolidation channel we highlighted yday. We still expect the 5058 support to cluster the buying pressure and favour to play a push higher with 5090/5100 then 5120 in sight.
Supports: 5058 - 5043 - 5030 - 5003
Resistances: 5090 - 5100 - 5120 - 5150
![](https://cdn.prod.website-files.com/645ec4f850427b533799c925/6643084df0a2c46fc4db8420_20240514_VGM4_60MIN.png)
S&P M4 (ref. 5245.25): The contract struck yday against Friday's high at 5264, then escaped on the downside from its intraday ascending channel to bounce on the 5232.5 support. Following this price action, it is now seesawing within a very short-term range set between 5232.50 & 5264. As the overall trend remains constructive, we favour going long around the lower end of the range to play a re-test of the upper end (5264) and potentially a break higher with 5286 in sight.
Supports: 5232.5 - 5220 - 5200 - 5188
Resistances: 5248 - 5264 - 5286 - 5308
![](https://cdn.prod.website-files.com/645ec4f850427b533799c925/66430863f7b3232f8003b689_20240514_ESM4_60MIN.png)
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About the Author: Letheuil Fabien
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