Contracts remain well oriented following last week's rally. We favour further advance.
ESTOXX M4 (ref. 5081): The contract escaped last week on the upside from the 4860/5003 range in which it was seesawing since the 22nd of April. This breakout of a ST range opened a measured move target @ 5150. On an intraday basis, the contract is currently trading within a range set between 5070 & 5090. We favour going long around the lower end of it to play a break higher with 5100 then 5120 in sight.
Supports: 5070 - 5058 - 5043 - 5030
Resistances: 5090 - 5100 - 5120 - 5150
![](https://assets-global.website-files.com/645ec4f850427b533799c925/66423a23f3f4af048b172506_20240513_VGM4_60MIN.png)
S&P M4 (ref. 5252.25): The contract pared some of its gains on Friday but the overall pattern remains constructive. We expect the 5240/5233 area to keep clustering some buying pressure and favor to play a push higher with 5270 then 5286 in sight.
Supports: 5240 - 5233 - 5220 - 5200
Resistances: 5270 - 5286 - 5308 - 5325
![](https://assets-global.website-files.com/645ec4f850427b533799c925/66423a3b8ed32d108c2ad868_20240513_ESM4_60MIN.png)
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About the Author: Letheuil Fabien
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