EURIBOR OPTIONS: Put spread, spread
Jun-27 10:46
ERV4 96.625/96.50ps vs ERZ4 96.50/96.375ps, bought Oct for 1.75 in 4k.
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EQUITIES: EU Bank put fly
May-28 10:42
SX7E (19/12/25) 120/100/80p fly bought for 1.5 in 6k.
OUTLOOK: Price Signal Summary - Bear Threat In Oil Futures Remains Present
May-28 10:40
- On the commodity front, Gold traded down last week and the yellow metal is trading just ahead of its recent low. The trend structure remains bullish and the move down appears to be a correction Moving average studies are in a bull-mode position and the move lower is allowing an overbought condition to unwind. A resumption of gains would open $2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2301.9, represents a key support.
- In the oil space WTI futures are trading inside a range. A bearish theme remains intact and the sideways move is seen as a pause in the downtrend. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $75.64, the Mar 11 low. Initial resistance to watch is at $80.11, the May 20 high.
US 10YR FUTURE TECHS: (M4) Support Remains Intact For Now
May-28 10:34
- RES 4: 110-16 50.0% retracement of the Feb 1 - Apr 25 bear leg
- RES 3: 110-06 High Apr 4
- RES 2: 110-00 Round number resistance
- RES 1: 109-05+/109-31+ 50-day EMA / High May 16 and bull trigger
- PRICE: 108-26 @ 11:20 BST May 28
- SUP 1: 108-15 Low May 14 and key support
- SUP 2: 108-06 Low May 3
- SUP 3: 107-25 Low May 2
- SUP 4: 107-04 Low Apr 25 and the bear trigger
Treasuries remain below the recent high and the contract ended last week closer to its recent lows. Support to watch is 108-15, the May 14 low. Clearance of this level would undermine the recent bullish theme and instead signal scope for a deeper retracement. This would open 108-06, the May 3 low. On the upside, 109-31+ is the bull trigger where a break confirms a resumption of the bull cycle.
