SP 500 E-mini Future
|30 min ES|
Quick update here following the Cyprus bank levy of deposits at just over 10%…. My take is the precedent has been set and the bar has been raised in regards to creative ways of stabilizing the EU region.
Many thing this bailout is ‘unprecedented’ but it has happend before, just no one was around to blog about it and newspapers were the only way anyone got their news in 1992.
|1 min ES|
Only way this thing can reverse tonight or by morning is if we bid back up into 1540 and stabilize around 1545, otherwise 1530 remains the line in sand….
FX & T-Complex
|4 hour ZB|
That being said. the minis were acting a bit odd friday with the 30 year breaking out over a medium term downtrend which tells me the Cyprus headline does align with technicals, the technical was the break in 10 and 30 year resistance Friday which caused the S&P”s to fall briefly under 1550.
With the added pressure of the 30 year up 1.01% over the 143 level at 143’20 the new resistance is 142’26 which would coincide with a break over 1530 in the ES.. In the chart above you can see where the 1535 support level extends over from about 3/7. A break of 30 puts us @ 1524.50.
The Eur/usd made a multi month low of 1.2891 after the 1.30 level failed miserably on the ‘panic’… this new 2013 low in the Euro vs USD comes after a nearly straight down slide the past 1.5 months. 1.28 is support before 1.2647 comes up
Want the TFP Morning Letter delivered to your inbox by 9 am ET? Subscribe Here for $25mo.