EQUITIES: Bullish Theme in E-Mini S&P Intact Despite Recent Pullback
Eurostoxx 50 futures continue to trade at their recent highs and a bullish theme remains intact. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg, and maintains the sequence of higher highs and higher lows. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Key support to watch lies at 5211.33, the 50-day EMA. Clearance of this level would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and the latest pullback is considered corrective. An important resistance at 5837.25, the Mar 25 high and a bull trigger, has recently been cleared. This has strengthened the current bullish theme, and paves the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5703.54, the 50-day EMA. A clear break of it would highlight a potential reversal.
- Japan's NIKKEI closed lower by 313.11 pts or -0.84% at 36985.87 and the TOPIX ended 15.79 pts lower or -0.58% at 2717.09.
- Elsewhere, in China the SHANGHAI closed lower by 7.385 pts or -0.22% at 3380.188 and the HANG SENG ended 283.47 pts lower or -1.19% at 23544.31.
- Across Europe, Germany's DAX trades lower by 144.2 pts or -0.6% at 23977.95, FTSE 100 lower by 56.61 pts or -0.64% at 8730.02, CAC 40 down 54.89 pts or -0.69% at 7855.6 and Euro Stoxx 50 down 38.53 pts or -0.71% at 5415.93.
- Dow Jones mini down 15 pts or -0.04% at 41933, S&P 500 mini up 10.5 pts or +0.18% at 5871.5, NASDAQ mini up 55.5 pts or +0.26% at 21212.25.
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COMMODITIES: Gold Hits New Record High Above $3500 Mark
A bearish theme in WTI futures remains intact and the recovery since Apr 9 is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $53.72, a Fibonacci projection. Initial firm resistance is seen at $64.49, the Mar 5 low and a recent breakout level. The trend needle in Gold continues to point north and this week’s fresh cycle highs confirm a resumption of the primary uptrend. The yellow metal has traded to another fresh all-time high. Note too that moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. The next objective is $3499.0, a Fibonacci projection. Initial firm support lies at 3163.5, the 20-day EMA.
- WTI Crude up $0.97 or +1.54% at $64.05
- Natural Gas up $0.02 or +0.73% at $3.038
- Gold spot up $25.06 or +0.73% at $3449.28
- Copper up $2.15 or +0.45% at $480.3
- Silver down $0.31 or -0.94% at $32.376
- Platinum up $5.03 or +0.52% at $971.03
EQUITIES: Eurostoxx 50 Futures Remain Contained Within Last Week's Range
Eurostoxx 50 futures continue to trade above their recent lows. The latest bounce highlights a corrective cycle and this is allowing an unwinding of the recent oversold trend condition. Resistance levels to watch are 4978.63, the 20-day EMA, and 5113.20, the 50-day EMA. Key support and the bear trigger has been defined at 4444.00, the Apr 7 low. A break of this level would confirm a resumption of the downtrend. A reversal higher in S&P E-Minis on Apr 9 highlighted the start of a correction. The trend condition has been oversold following recent weakness and gains have allowed this to unwind. The contract remains below important resistance points and the trend condition is bearish. The latest move down signals the end of the corrective cycle. Sights are on 4832.00, the Apr 7 low and bear trigger. Initial resistance to watch is 5437.24, the 20-day EMA.
- Japan's NIKKEI closed lower by 59.32 pts or -0.17% at 34220.6 and the TOPIX ended 3.19 pts higher or +0.13% at 2532.12.
- Elsewhere, in China the SHANGHAI closed higher by 8.323 pts or +0.25% at 3299.757 and the HANG SENG ended 167.18 pts higher or +0.78% at 21562.32.
- Across Europe, Germany's DAX trades lower by 72.32 pts or -0.34% at 21136, FTSE 100 higher by 17.73 pts or +0.21% at 8293.69, CAC 40 down 39.22 pts or -0.54% at 7246.64 and Euro Stoxx 50 down 23.44 pts or -0.47% at 4911.9.
- Dow Jones mini up 340 pts or +0.89% at 38668, S&P 500 mini up 53 pts or +1.02% at 5237.75, NASDAQ mini up 193.25 pts or +1.08% at 18114.25.
EQUITIES: EU Bank Risk Reversal
SX7E (19th Dec) 125/220RR, bought the put for 1.85 in 6k.
