MNI: US MBA: MARKET COMPOSITE -1.2% SA THRU FEB 21 WK
Feb-26 12:00
MNI: US MBA: MARKET COMPOSITE -1.2% SA THRU FEB 21 WK
EURIBOR OPTIONS: Put Spread Buyer
Feb-26 11:54
ERM5 97.8125/97.6875ps 1x2, bought for 1.75 in 20k.
OUTLOOK: Price Signal Summary - WTI Clears Support
Feb-26 11:53
On the commodity front, despite Tuesday’s pullback, a bull cycle in Gold remains in play. Recent fresh cycle highs once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend and positive market sentiment. Sights are on the $2962.2, a 2.00 projection of the Nov 14 - Dec 12 - 19 price swing. The first key support to watch is $2879.0, the 20-day EMA.
In the oil space, a bearish theme in WTI futures remains intact and Tuesday’s sell-off reinforces current conditions. The move lower has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirms a resumption of the downtrend that started Jan 15 and paves the way for an extension towards $67.75, the Dec 20 ‘24 low. Key short-term resistance has been defined at $74.06, Feb 3 high. Initial resistance is at $71.49, the 50-day EMA.