GREECE T-BILL AUCTION RESULTS: 26-Week GTB

The trend structure in WTI futures remains bullish and the Jan 15 rally reinforces current conditions. The recent strong impulsive climb has resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme. Sights are on 80.63, a Fibonacci projection. On the downside, a reversal lower would expose the 20-day EMA, at $73.89, a key short-term support. The recent climb in Gold appears corrective - for now. However, the yellow metal continues to hold on to its latest gains and scope is seen for a continuation higher near-term. The stronger recovery exposes $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2649.0, the 50-day EMA.

• WTI Crude down $0.46 or -0.59% at $77.42
• Natural Gas down $0.15 or -3.85% at $3.796
• Gold spot up $2.55 or +0.09% at $2706.25
• Copper down $1.7 or -0.39% at $434.95
• Silver down $0.09 or -0.29% at $30.283
• Platinum down $1.87 or -0.2% at $942.47

A bull cycle in the Eurostoxx 50 futures contract remains intact. Last week’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. The contract is holding on to its gains. The focus is on a climb towards 5200.00, a round number resistance point. Key short-term support has been defined at 4931.00, the Jan 13 low. A break of this level would be bearish. S&P E-Minis traded higher again Friday. Last week’s gains undermine the recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. Initial resistance is at 6068.25, the Jan 6 high. Clearance of 6107.50 would strengthen a bullish theme. Key support has been defined at 5809.00, the Jan 13 low. A reversal lower and a breach of this level would reinstate a bear theme.

• Japan's NIKKEI closed higher by 451.04 pts or +1.17% at 38902.5 and the TOPIX ended 31.85 pts higher or +1.19% at 2711.27.
• Elsewhere, in China the SHANGHAI closed higher by 2.557 pts or +0.08% at 3244.378 and the HANG SENG ended 341.75 pts higher or +1.75% at 19925.81.
• Across Europe, Germany's DAX trades higher by 11.96 pts or +0.06% at 20916.83, FTSE 100 higher by 21.59 pts or +0.25% at 8526.91, CAC 40 up 16.02 pts or +0.21% at 7725.7 and Euro Stoxx 50 up 7.82 pts or +0.15% at 5156.12.
• Dow Jones mini up 20 pts or +0.05% at 43716, S&P 500 mini up 4.5 pts or +0.07% at 6038, NASDAQ mini up 26.5 pts or +0.12% at 21620.75.

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