BUNDS: Multi-Month Yield Range Intact, Commerz Like Buying Dips

WTI futures traded sharply higher last week and last Friday’s early rally marked an acceleration of the current bull phase. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend is in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted $68.49, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and recent gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3271.7, the 50-day EMA.

• WTI Crude down $0.85 or -1.14% at $74.03
• Natural Gas down $0 or -0.1% at $3.848
• Gold spot down $2.86 or -0.08% at $3384.95
• Copper up $2.25 or +0.46% at $488.6
• Silver up $0.15 or +0.4% at $37.2493
• Platinum up $18.06 or +1.43% at $1281.92

Eurostoxx 50 futures are trading closer to their recent lows. The latest pullback has resulted in a breach of the 50-day EMA at 5298.64. Price has also pierced 5255.00, the May 23 low. A clear break of both support points would signal a short-term top and highlight scope for a deeper retracement. This would open 5178.00, the May 6 low and 5081.16, a Fibonacci retracement. Initial resistance to watch is 5355.88, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. For now, the most recent pullback is considered corrective. The contract has pierced support at 6003.83, the 20-day EMA. A clear breach of this average would expose the 50-day EMA, at 5896.83. Key short-term resistance has been defined at 6128.75, the Jun 11 high.

• Japan's NIKKEI closed higher by 348.41 pts or +0.9% at 38885.15 and the TOPIX ended 21.4 pts higher or +0.77% at 2808.35.
• Elsewhere, in China the SHANGHAI closed higher by 1.404 pts or +0.04% at 3388.809 and the HANG SENG ended 269.61 pts lower or -1.12% at 23710.69.
• Across Europe, Germany's DAX trades higher by 13.74 pts or +0.06% at 23448.34, FTSE 100 higher by 13.63 pts or +0.15% at 8847.66, CAC 40 up 6.18 pts or +0.08% at 7689.91 and Euro Stoxx 50 up 1.42 pts or +0.03% at 5290.1.
• Dow Jones mini up 67 pts or +0.16% at 42295, S&P 500 mini up 16.25 pts or +0.27% at 6001.25, NASDAQ mini up 76.5 pts or +0.35% at 21807.

"*THEDEEN: SWEDISH HOUSEHOLDS PESSIMISTIC OVER ECONOMIC SITUATION" Bloomberg

Thedeen also notes that some indicators still point to rising consumption.

Otherwise not too much interesting in the opening remarks from Thedeen:

• Inflation has been broadly in line with projections, underscoring the view that the Q1 uptick was temporary.
• Conditions are still in place for a rise in activity, highlighted by the smaller downward revision to GDP forecasts in 2026 compared to 2025,