WTI TECHS: (H6) Bull Cycle Intact

• RES 4: 7080.92 0.764 proj Nov 21 - Dec 11 - 18 price swing  
• RES 3: 7021.79 0.618 proj Nov 21 - Dec 11 - 18 price swing
• RES 2: 7014.00 High Oct 30 and the bull trigger
• RES 1: 6994.00 High Dec 26   
• PRICE: 6929.50@ 07:06 GMT Dec 31
• SUP 1: 6909.50/6858.92 20- and 50-day EMA values
• SUP 2: 6771.50 Low Dec 18 and a key support 
• SUP 3: 6684.50 Low Nov 24  
• SUP 4: 6583.00 Low Nov 21 and a reversal trigger  

Short-term weakness in S&P E-Minis appears corrective. A key short-term support has been defined at 6771.50, the Dec 18 low. A break of this level is required to signal scope for a deeper retracement and would highlight a possible short-term reversal. For bulls, sights are on key resistance at 7014.00, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the primary uptrend.

The Chinese Commerce Ministry has announced a 55% additional tariff on beef imports from certain countries, including on the US.

• The full press release is here
• “The safeguard measures will be in effect for three years, from January 1, 2026 to December 31 , 2028. The safeguard measures will be gradually relaxed at fixed time intervals during the implementation period .”
• "The State Council Tariff Commission made a decision based on the Ministry of Commerce's proposal to impose additional tariffs on imported beef beyond the prescribed quantity on the basis of the currently applicable tariff rate . The additional tariff rate is 55% .”
• “For products originating from developing countries (regions), safeguard measures are not applicable if their import share does not exceed 3% , and the total import share of these countries (regions) does not exceed 9% “
• Major countries impacted by the tariff ruling:
  • Brazil
  • Argentina
  • New Zealand
  • Australia
  • The US

A reminder that Eurex is closed for trading in all derivatives today and tomorrow. Meanwhile, European/UK STIRs and bond futures/options listed on ICE Europe will close at 12:15 London today, with the exchange closed on Thursday 1 January 2026.