EU REAL ESTATE: Lineage: Inaugural

A bearish theme in WTI futures remains intact and the move down last week reinforces current condition. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on $54.89 next, the May 5 low, where a break would open $54.10, the Apr 9 low and a key support. Initial firm resistance is seen at $61.93, the 50-day EMA. Key resistance has been defined at $66.42, the Sep 26 high. A bull cycle in Gold remains intact and last week’s extension reinforces current conditions. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4400.00 handle next, and $4404.9, a Fibonacci projection point. Note that the trend is in overbought territory. A move down - a correction - and would allow the overbought set-up to unwind. Support to watch lies at $3986.3, 20-day EMA.

• WTI Crude down $0.27 or -0.47% at $57.28
• Natural Gas up $0.18 or +6.02% at $3.188
• Gold spot up $3.73 or +0.09% at $4255.55
• Copper up $2.4 or +0.48% at $499.4
• Silver down $0.01 or -0.02% at $51.9313
• Platinum down $38.74 or -2.39% at $1580.81

The trend direction in Eurostoxx 50 futures remains  up and the latest pullback appears to have been a correction. The contract remains above key support at 5498.73, the 50-day EMA. A clear break of the 50-day average is required to highlight a stronger reversal. On the upside, the bull trigger is unchanged at 5689.00, the Oct 2 high. Clearance of this hurdle would confirm a resumption of the uptrend. Recent weakness in S&P E-Minis appears corrective - for now. Price has pierced support at the 50-day EMA, currently at 6615.80, but this support area remains intact - for now. Note that the Oct 10 low of 6540.25 marks the key short-term support. Clearance of this level would undermine a bull theme. Moving average studies continue to remain in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 6812.25, the Oct 9 high.

• Japan's NIKKEI closed higher by 1603.35 pts or +3.37% at 49185.5 and the TOPIX ended 78.01 pts higher or +2.46% at 3248.45.
• Elsewhere, in China the SHANGHAI closed higher by 24.138 pts or +0.63% at 3863.893 and the HANG SENG ended 611.73 pts higher or +2.42% at 25858.83.
• Across Europe, Germany's DAX trades higher by 204.2 pts or +0.86% at 24031.19, FTSE 100 higher by 32.62 pts or +0.35% at 9386.89, CAC 40 down 4.96 pts or -0.06% at 8165.61 and Euro Stoxx 50 up 30.47 pts or +0.54% at 5635.82.
• Dow Jones mini up 86 pts or +0.19% at 46471, S&P 500 mini up 18.5 pts or +0.28% at 6720.75, NASDAQ mini up 93.25 pts or +0.37% at 25079.5.

• MNI: EUROZONE FINAL Q2 GDP +0.1% Q/Q, +1.5% Y/Y (VS +0.6% Q/Q, +1.6% Y/Y Q1)