EURIBOR OPTIONS: Put Ladder buyer

SFIZ6 96.15/96.25/96.35c fly vs SFIZ6 95.80/95.65ps, bought the fly for half in 4k.

A short-term bearish theme in WTI futures remains intact and the sell-off last week reinforces current conditions. The contract has recently traded through a key support at $75.45, the Apr 17 low. This signals scope for a move towards $65.95, the 76.4% retracement of the Dec 16 - May 18 bull leg. Key short-term resistance has been defined at $93.42, the Jun 3 high. Initial firm resistance is at $83.52, the 50-day EMA. A bearish theme in Gold remains intact and recent gains have been corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Last Wednesday’s sell-off delivered a print below $4024.0, the Jun 11 low, to confirm a resumption of the medium-term downtrend. Sights are on $3945.2, a Fibonacci projection. Initial firm resistance is $4236.1, the 20-day EMA.

• WTI Crude up $0.76 or +1.1% at $70.02
• Natural Gas down $0.03 or -1.04% at $3.244
• Gold spot down $39.41 or -0.96% at $4047.66
• Copper down $2 or -0.32% at $618.9
• Silver down $1.16 or -1.96% at $57.9533
• Platinum down $24.15 or -1.49% at $1600.52

The trend structure in EuroStoxx 50 futures is bullish - moving average studies are in a bull-mode position, highlighting a dominant uptrend. A key short-term resistance at 6174.00, the May 25 high, has recently been breached. This confirmed a resumption of the primary uptrend and maintains the price sequence of higher highs and higher lows. Sights are on the 6400.00 handle next. Firm support to watch lies at 6080.23, the 50-day EMA. The trend theme in S&P E-Minis remains bullish and the latest pullback appears corrective - for now. Note that moving average studies are in a bull-mode position and this continues to highlight a dominant uptrend. The contract has traded through the 50-day EMA. The key support to watch is 7292.25, the Jun 11 low. A resumption of gains would open 7693.75, the Jun 2 high and a medium-term bull trigger.

• Japan's NIKKEI closed higher by 107.23 pts or +0.15% at 69468.11 and the TOPIX ended 18.64 pts higher or +0.47% at 3982.
• Elsewhere, in China the SHANGHAI closed higher by 46.637 pts or +1.16% at 4073.902 and the HANG SENG ended 354.82 pts higher or +1.57% at 23026.68.
• Across Europe, Germany's DAX trades lower by 1.75 pts or -0.01% at 24669.85, FTSE 100 lower by 21.27 pts or -0.2% at 10486.91, CAC 40 down 34.68 pts or -0.41% at 8350.53 and Euro Stoxx 50 down 5.05 pts or -0.08% at 6216.5.
• Dow Jones mini up 191 pts or +0.37% at 52400, S&P 500 mini up 54.5 pts or +0.74% at 7456, NASDAQ mini up 327.75 pts or +1.12% at 29696.