US 10YR FUTURE TECHS: (M6) Monitoring Resistance

SFIZ6 96.50/96.95/97.05/97.25/97.35c condor, bought for 0.75 in 20k.

A volatile bull cycle in WTI futures remains intact. However, recent gains highlight the fact that the contract is in an extreme overbought position. A deeper retracement would be considered corrective and this would allow the overbought condition to unwind. The first key support to monitor is $65.00, the 20-day EMA. For bulls, a resumption of gains would pave the way for a climb towards $78.05 next, a Fibonacci projection. Gold started this week on a bullish note, confirming an extension of the recovery since Feb 2. The metal has cleared all key retracement points of the sharp sell-off between Jan 29 - Feb 2. The move higher strengthens the short-term bullish theme and signals scope for an extension towards key resistance and the bull trigger at $5595.5, the Jan 29 high. Initial firm support to watch lies at $5075.8, the 20-day EMA.

• WTI Crude up $4.29 or +6.02% at $75.39
• Natural Gas up $0.19 or +6.49% at $3.152
• Gold spot down $54.21 or -1.02% at $5270.3
• Copper down $15.05 or -2.53% at $579.95
• Silver down $5.83 or -6.52% at $83.7141
• Platinum down $169.57 or -7.35% at $2139.6

A strong short-term reversal in EuroStoxx 50 futures has resulted in a breach of both the 20- and 50-day EMAs. This highlights potential for a deeper near-term pullback and opens 5854.50, a Fibonacci retracement point. Note that a clear break of the 50-day EMA would also undermine the broader uptrend and signal a potential medium-term reversal. Initial resistance to watch is 6083.00, the Mar 2 high. S&P E-Minis are trading closer to their recent lows. For now, the contract remains inside a range. A continuation lower would open key support and the base of the current range at 6751.50, the Feb 6 low, where a break would highlight a bear threat. On the upside, a resumption of gains and a breach of 6983.75, the Feb 25 high, would refocus attention on key resistance and the range top at 7043.00, the Jan 28 high.

• Japan's NIKKEI closed lower by 1778.19 pts or -3.06% at 56279.05 and the TOPIX ended 126.25 pts lower or -3.24% at 3772.17.
• Elsewhere, in China the SHANGHAI closed lower by 59.915 pts or -1.43% at 4122.676 and the HANG SENG ended 291.77 pts lower or -1.12% at 25768.08.
• Across Europe, Germany's DAX trades lower by 795.88 pts or -3.23% at 23839.38, FTSE 100 lower by 265.81 pts or -2.47% at 10513.68, CAC 40 down 216.73 pts or -2.58% at 8178.75 and Euro Stoxx 50 down 191.38 pts or -3.2% at 5797.67.
• Dow Jones mini down 838 pts or -1.71% at 48103, S&P 500 mini down 125 pts or -1.81% at 6762.75, NASDAQ mini down 576.5 pts or -2.3% at 24447.75.