EQUITY TECHS: E-MINI S&P: (M5) Bullish Trend Sequence

US Vice President JD Vance is shortly due to speak at a Q&A at an event hosted by the Munich Security Conference in Washington, D.C. LIVESTREAM.

• Vance’s speech at the MSC in February was one of the defining moments of the early Trump administration, with Vance’s bellicose rhetoric towards Europe, Ukraine, and NATO seen as upending Washington’s relationship with Europe.
• Bolstered by promises of increased European defence spending, the Trump administration has since oscillated to a slightly more supportive stance on Ukraine – triggering some optimism that Trump will refresh his support for transatlantic ties.
• Politico notes that Vance’s speech and subsequent comments on Europe called into question, “the very future of NATO, an alliance which depends entirely upon the conviction of its enemies that an attack on one of its members would be deemed an attack on them all. Does that still stand? Does Russian President Vladimir Putin believe it? Let’s see what Vance says.”
• Vance's comments may also provide the first preview of the US response to escalating tensions between Pakistan and India - the most significant military confrontation between the nuclear-powered neighbours since 1999. 

SPX: 5,620.6 (+0.2%); DJIA: 40,970 (+0.3%/+141pts); NDX: 19,824.4 (+0.2%).

• -2,000 SFRZ5 96.43 straddles, 62.0 ref 96.455
• -2,500 SFRH6 96.62 straddles, 80.0 ref 96.655
• +4,000 SFRU5 95.68/95.81/96.00 2x3x1 put flys 1.25 ref 96.15
• -2,000 SFRU5 96.00 puts, 12.0 ref 96.15
• +3,000 SFRM5 SFRM5 95.75/95.81/95.87 put flys, 0.5 ref 95.785
• -5,000 0QU5 95.50/96.00 put spds, 3.0 vs. 96.81/0.08%