COMMODITIES: WTI Futures Close to Recent Highs But Bear Threat Remains Present

A medium-term bearish trend in WTI futures remains intact and last week’s sell-off reinforces this theme. The move down signals the end of the correction between Apr 9 - 23. Gold is trading closer to its recent lows and a corrective cycle remains in play for now. The yellow metal has breached the 20-day EMA. A continuation lower would highlight a deeper retracement and open the 50-day EMA, at 3115.11.

• WTI Crude down $1.11 or -1.9% at $56.9
• Natural Gas up $0.07 or +1.82% at $3.694
• Gold spot up $39.01 or +1.2% at $3273.76
• Copper up $7.1 or +1.52% at $474.65
• Silver up $0.37 or +1.16% at $32.373
• Platinum up $2.32 or +0.24% at $968.34

The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. Eurostoxx 50 futures maintain a positive tone and Friday’s rally strengthens the current bull cycle. The contract has cleared both the 20- and 50-day EMAs, and attention is on 5263.01, a Fibonacci retracement point. 

• Dow Jones mini down 262 pts or -0.63% at 41200
• S&P 500 mini down 45.5 pts or -0.8% at 5665.25
• NASDAQ mini down 181.25 pts or -0.9% at 20024.25.

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