EMISSIONS: Polish EU ETS Clears Higher, Greater Participation

3x blocks in the SFRV5 96.125/96.1875 call spread with paper paying 5.5 on 15K across those blocks. A further 7.5K lots trade on screen.

The trend condition in WTI futures is unchanged - a bear cycle remains intact short-term gains are considered corrective. The pullback from the Sep 2 high highlights a possible recent reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $66.03, the Sep 2 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would open $57.71, the May 30 low. Gold remains in a clear bull cycle and continues to trade at its recent highs. The yellow metal traded to a fresh all-time high once again, last week. The break higher confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3674.8, a Fibonacci projection. Initial firm support lies at $3504.1, the 20-day EMA.

• WTI Crude up $0.26 or +0.41% at $62.94
• Natural Gas up $0.02 or +0.82% at $2.964
• Gold spot up $1.54 or +0.04% at $3644.05
• Copper up $0.35 or +0.08% at $465.5
• Silver up $0.02 or +0.05% at $42.199
• Platinum up $3.49 or +0.25% at $1400.63

A corrective bear cycle in Eurostoxx 50 futures remains in play. Recent weakness resulted in a breach of 5370.21, the 50-day EMA. A clear break of this average strengthens a short-term bearish threat and signals scope for a deeper retracement towards 5166.00, the Aug 1 low and a key support. On the upside, the contract has recovered above the 20-day EMA - a bullish development for now. The next resistance to watch is 5445.00, Aug 26 high. A bull cycle in S&P E-Minis remains intact and last week’s fresh cycle highs reinforce current conditions. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on the 6685.25, a Fibonacci projection, and the 6700.00 handle. On the downside, initial support to watch is 6547.03, the 20-day EMA.

• In China the SHANGHAI closed lower by 10.094 pts or -0.26% at 3860.504 and the HANG SENG ended 58.4 pts higher or +0.22% at 26446.56.
• Across Europe, Germany's DAX trades higher by 137.47 pts or +0.58% at 23836.41, FTSE 100 lower by 2.69 pts or -0.03% at 9280.55, CAC 40 up 93.41 pts or +1.19% at 7918.65 and Euro Stoxx 50 up 47.55 pts or +0.88% at 5438.26.
• Dow Jones mini up 114 pts or +0.25% at 45967, S&P 500 mini up 7 pts or +0.11% at 6595, NASDAQ mini down 10.5 pts or -0.04% at 24102.75.