COMMODITIES: WTI Futures Fall Sharply But Still Above Bear Trigger at $54.67
A downtrend in WTI futures remains intact and recent gains are considered corrective. Key resistance to watch is $63.54, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal. This would open $66.41, the Apr 4 high. For bears a reversal lower would refocus attention on $54.67, the Apr 9 low and bear trigger. Clearance of this support would confirm a resumption of the downtrend. A corrective cycle in Gold remains in play and the metal has traded lower this week. A key support at $3202.0, the May 1 low has been breached. The break of this level signals scope for a deeper retracement, towards $3085.0, 76.4% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA at $3165.0, has been breached, strengthening a bearish threat. Initial resistance is $3268.0, the 20-day EMA.
- WTI Crude down $2.43 or -3.85% at $60.88
- Natural Gas down $0.03 or -0.74% at $3.469
- Gold spot down $15.99 or -0.5% at $3160.27
- Copper down $4.4 or -0.95% at $460.95
- Silver down $0.33 or -1.02% at $31.8927
- Platinum down $6.58 or -0.67% at $978.61
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EQUITIES: European Autos Outperform, While Luxury Names Falter
European equity benchmarks rally, with the potential for U.S. tariff reprieve for the auto sector driving outperformance in related names.
- This comfortably outweighs the weakness seen in luxury goods names following LVMH’s disappointing quarterly earnings release.
- The cash Euro Stoxx 50 is +0.8% on the day.
- Meanwhile, Euro Stoxx 50 futures trade through yesterday’s highs and 4,900.00. Next resistance of note located at the April 9 high (5,001.00), which protects both the 20 & 50-day EMAs.
- Our technical analyst believes that the latest bounce highlights the start of a corrective cycle, which could unwind the recent oversold trend condition.
EQUITIES: EU Bank Synth option, trades for a lot more
SX7E (17th Apr) 170, bought the call for 4.4 in another 18k, that's 50k total (100% del).
US TSY OPTIONS: TYK5 111.75 Calls Sold
{US} US TSY OPTIONS: TYK5 111.75 calls 5.4K given at 0-15.
