SECURITY: Stubb Meeting w/Zelenskyy Could Steer Trump Toward New RU Measures 2/2

• MNI: GERMANY ZEW AUG ECONOMIC EXPECTATIONS 34.7
• MNI: GERMANY ZEW AUG CURRENT CONDITIONS -68.6

WTI futures traded poorly Friday, cracking the 50-day EMA and piercing the bear trigger. This keeps S/T momentum pointed lower. The clear break exposes $58.17, the May 30 low. Gains early last week marked an extension of a corrective cycle - which may now have concluded. $69.41 marks the 50.0% retracement of the Jun 23-24 downleg - an important level at the close. A continuation higher would open $70.96 next, the 61.8% retracement point. Gold traded lower Monday, but last week's strength returned prices toward the top-end of the recent range and supports the view that short-term weakness is corrective - for now - and a bull cycle that started Jun 30 remains intact. However, the yellow metal is within close proximity to support at $3334.23, the 50-day EMA. A clear break of this level continues to signal scope for a deeper retracement and exposes the next key support at $3248.7, the Jun 30 low. Key near-term resistance is $3439.0, the Jul 23 high.            

• WTI Crude down $0.11 or -0.17% at $63.84
• Natural Gas up $0 or +0.1% at $2.957
• Gold spot up $6.15 or +0.18% at $3349.07
• Copper up $3.15 or +0.71% at $447.1
• Silver up $0.17 or +0.46% at $37.7883
• Platinum up $8.07 or +0.61% at $1341.03

The bounce off post-NFP lows in global equity indices has held, with the Eurostoxx 50 future still above the 50-day EMA. Additional strength refocuses attention on 5486.00, the May 20 high. To the downside, recent impulsive weakness did result in a temporary breach of the bear trigger - this makes the April 30 hi/lo range at 5078-5138 the area of downside interest. E-mini S&P prices recovered well Friday, meaning the bulk of the bounce off the NFP low is holding firm, keeping the underlying uptrend intact for now. The index holds above support at the 20-day EMA, at 6354.55. Through recent phases of weakness, the 50-day EMA at 6237.80, has held as support - and will be important on any intraday declines. Clearance of this average is required to signal a stronger reversal. The primary trend remains up, leaving key short-term resistance and the bull trigger at 6468.50, the Jul 31 high.

• Japan's NIKKEI closed higher by 897.69 pts or +2.15% at 42718.17 and the TOPIX ended 42.16 pts higher or +1.39% at 3066.37.
• Elsewhere, in China the SHANGHAI closed higher by 18.371 pts or +0.5% at 3665.918 and the HANG SENG ended 62.87 pts higher or +0.25% at 24969.68.
• Across Europe, Germany's DAX trades lower by 22.8 pts or -0.09% at 24059.48, FTSE 100 higher by 24.91 pts or +0.27% at 9154.53, CAC 40 up 27.52 pts or +0.36% at 7725.44 and Euro Stoxx 50 up 3.51 pts or +0.07% at 5335.08.
• Dow Jones mini up 51 pts or +0.12% at 44134, S&P 500 mini up 3.25 pts or +0.05% at 6402.75, NASDAQ mini up 4.5 pts or +0.02% at 23641.