US TSY OPTIONS: FV & TY Calls Lifted

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A bull cycle in WTI futures remains intact and last week’s appreciation reinforces current bullish conditions. The contract has traded through $65.99, the Jan 29 high and bull trigger. The clear break of this level confirms a resumption of the uptrend and opens $68.11, the Jun 23 ‘25 high and the next key resistance. A pullback would - for now - be considered corrective. Support to watch lies at the 50-day EMA, at $61.41. Gold has traded to a fresh short-term cycle high and continues to retrace the Jan 29 - Feb 2 sell-off. The next resistance point to monitor is $5314.0, a Fibonacci retracement level. Note that the sell from the Jan 29 high continues to highlight a potential top in the long-term trend and from a short-term perspective, an unwinding of the recent overbought condition. A resumption of bearish activity would refocus attention on $4403.0, the Feb 2 low.

• WTI Crude down $0.23 or -0.35% at $66.28
• Natural Gas up $0.07 or +2.2% at $3.111
• Gold spot up $39.77 or +0.78% at $5147.63
• Copper down $0.3 or -0.05% at $589.55
• Silver up $2.06 or +2.43% at $86.746
• Platinum up $13.14 or +0.61% at $2171.7

The primary trend condition in EuroStoxx 50 futures is bullish and fresh cycle highs last week reinforces the bull theme and confirms a resumption of the uptrend. The contract has cleared the 6100.00 handle and this paves the way for a move towards 6172.00 next, a Fibonacci projection point. Key support to watch lies at the 50-day EMA, at 5935.12 Clearance of this average would highlight a short-term top. S&P E-Minis continue to trade inside a broad range. A bear threat remains present - for now - following the sharp sell-off on Feb 12. Key resistance at 7043.00, the Jan 28 high, remains intact. Attention is on 6751.50, the Feb 6 low, where a break would highlight a stronger reversal. This would open 6691.56, 76.4% of the Nov 21 - Jan 28 bull leg. Initial resistance to watch is 6915.04 (pierced), the 50-day EMA. A clear break of it would be bullish.

• Across Europe, Germany's DAX trades lower by 110.28 pts or -0.44% at 25150.81, FTSE 100 lower by 5.94 pts or -0.06% at 10680.82, CAC 40 down 0.45 pts or -0.01% at 8515.04 and Euro Stoxx 50 down 10.52 pts or -0.17% at 6120.79.
• Dow Jones mini down 128 pts or -0.26% at 49546, S&P 500 mini down 13.75 pts or -0.2% at 6909.75, NASDAQ mini down 71.75 pts or -0.29% at 24998.75.