OAT: Block trade

SFRU5 call spreads lifted:

• SFRU5 96.00/96.25 call spread paper paid 1.5 on 2K
• SFRU5 96.00/96.37 call spread paper paid 1.75 on 3K

Latest block trade lodged at 10:27:03 London/05:27:03 NY:

• 0QQ5 97.00/25 call spread 3,284 lots blocked at 3.0, looks like a buyer.

• In the equity space, S&P E-Minis have traded to a fresh cycle high this week. The climb confirms a resumption of the uptrend and maintains 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 6381.50, a 1.764 projection of the Apr 7 - 10 - 21 price swing. Key support is at the 50-day EMA, at 6120.59. Support at the 20-day EMA is at 6264.70.
• The trend condition in EUROSTOXX 50 futures remains bullish and recent weakness appears to have been a correction. Support to watch is 5281.00, the Jul 1 / 4 low. A clear break of this level would strengthen a bearish threat. A stronger 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.