TFEX SET 50 Futures (S50M11) : Last week’s low in danger of being taken out

S50M11 hit key support last week, but the technical set up is less than good, and we fear it will break the recent low of 692.30 and head off first to 680, and possibly lower to nearer 660.

It may first manage some more upside, to the 717-721 range but unless something very positive for the global risk trade occurs rather soon, further downside will be unavoidable for this contract and indeed S50Q11 which will soon be the front month contract in play.

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