OUTLOOK: Price Signal Summary - WTI Bounce Highlights A Potential Reversal

• In the equity space, a bear threat in the S&P E-Minis contract remains present and the contract is trading lower today. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5996.50, the 50-day EMA.
• A bull cycle in the EUROSTOXX 50 futures contract remains intact and for now, the latest pullback appears corrective. Initial support to watch is 4935.71, the 50-day EMA. It has been pierced, a clear break of it would undermine a bullish theme and signal scope for a deeper retracement, towards 4829.00, the Dec 20 low and key short-term support. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. A clear break of it would resume the bull cycle that started on Nov 21 and open 5068.13, the 0.764 projection of the Nov 21 - Dec 9 - 20 price swing.

• 0RG5 97.875/98.00/98.12c fly, bought for 1.75 in 4k.
• 0RG5 98.00/98.125/98.25c ladder, bought for 1 in 6k.

• RES 4: 111-20+ High 6 and the bull trigger 
• RES 3: 110-25   High Dec 12   
• RES 2: 109-28   50-day EMA  
• RES 1: 108-26/109-06 20-day EMA / High Dec 31 
• PRICE:‌‌ 107-09 @ 11:08 GMT Jan 13
• SUP 1: 107-06   Intraday low   
• SUP 2: 107-04   Low Apr 25 ‘24 and a key support  
• SUP 3: 107-00   Round number support
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

The trend condition in Treasury futures is unchanged and remains bearish. Today’s bearish start to the week, has once again, confirmed a resumption of the downtrend. Sights are on 107-04 next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 108-26, the 20-day EMA.