2405 is holding, the e-mini S&P futures could be getting toppy
Solid payroll data, the "safe" choice in France...yet the ES can't break above 2405
We've been eying the 2405 area in the June e-mini S&P for several weeks. Last night, the futures touched 2403.75 which was enough to complete the technical pattern. It is possible that we've seen the highs in the ES for now. In a post-payroll, earnings season, and French election world, it truly feels like all of the good news is out. Of course, we've also noted the next area of resistance near 2420, which is still a possibility but our guess is the market will find some sort of high between the noted levels.
Unlike last week, this week comes with very little data risk but of course, there will always be political risk (at least for the foreseeable future). We are looking at the current setups in both stocks and bonds and see the potential for reversals sooner rather than later.