EU FINANCIALS: Bank of Montreal: Revised FV       

A bearish theme in WTI futures remains intact and the shallow recovery since Jun 24 still appears corrective. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower. Support to watch is the 50-day EMA, at $64.85. The average has been pierced, a clear break of it would expose $58.17, the May 30 low. On the upside, initial resistance to watch is $69.41, the 50.0% retracement of the Jun 23 - 24 high-low range. Gold has pulled back from its Jul 23 high. Short-term weakness is considered corrective - for now - and a bull cycle that started Jun 30 remains intact. However, the yellow metal has traded through support at $3322.9, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement and expose the next key support at $3282.8, the Jul 9 low. Key short-term resistance is $3439.0, the Jul 23 high. A break of this hurdle would be bullish.

• WTI Crude up $0.5 or +0.75% at $67.2
• Natural Gas up $0.06 or +1.91% at $3.051
• Gold spot up $11.37 or +0.34% at $3326.61
• Copper down $0.25 or -0.04% at $560.95
• Silver down $0.01 or -0.03% at $38.1658
• Platinum down $11.79 or -0.84% at $1385.61

The trend condition in Eurostoxx 50 futures remains bullish and short-term weakness for now, appears corrective. Support at 5281.00, the Jul 1 / 4 low, remains intact. A clear break of this level would strengthen a bearish threat. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle and open 5500.00. The trend set-up in S&P E-Minis is unchanged and remains bullish. Recent cycle highs confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Sights are on 6477.31, a Fibonacci projection. Key support is at the 50-day EMA, at 6163.71. Support at the 20-day EMA is at 6313.51.

• Japan's NIKKEI closed lower by 323.72 pts or -0.79% at 40674.55 and the TOPIX ended 22.09 pts lower or -0.75% at 2908.64.
• Elsewhere, in China the SHANGHAI closed higher by 11.774 pts or +0.33% at 3609.711 and the HANG SENG ended 37.68 pts lower or -0.15% at 25524.45.
• Across Europe, Germany's DAX trades higher by 228.13 pts or +0.95% at 24202.83, FTSE 100 higher by 24.12 pts or +0.27% at 9106.06, CAC 40 up 71.33 pts or +0.91% at 7874.79 and Euro Stoxx 50 up 40.76 pts or +0.76% at 5379.47.
• Dow Jones mini up 48 pts or +0.11% at 45063, S&P 500 mini up 13.25 pts or +0.21% at 6436.25, NASDAQ mini up 89.25 pts or +0.38% at 23581.5.