E-mini S&P, E-mini NQ, Crude Oil, Gold and Silver futures find themselves at critical spots. You must know where breakouts and failures can happen.
E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 4368.75, up 27.25
NQ, yesterday’s close: Settled at 15,187.00, up 75.00
E-mini S&P and E-mini NQ futures battled through a volatile start to the session to ultimately regain Friday’s direction and close at the highest levels since 9/21 and 9/25 respectively. The bulls are in the driver’s seat as long as support aligning with yesterday’s midday strength that chewed through Friday’s balance holds. This is major three-star support for the E-mini S&P at 4337-4341.50 and for the E-mini NQ at 15,112-15,157. If these levels of significance hold, it should point price action to the damage from aftermath of the 9/20 Fed meeting, with the S&P trading into rare major four-star resistance at 4397.75-4407.50.
Bias: Neutral/Bullish
Resistance: 4397.75-4407.50****, 4439.75-4447***
Pivot: 4368
Support: 4361-4362.25**, 4356.50-4358.50**, 4337-4341.50***, 4323*, 4316-4319***
NQ (Dec)
Resistance: 15,227-15,250***, 15,286**, 15,350-15,392***
Pivot: 15,187-15,192
Support: 15,112-15,157***, 15,060**, 14,949-14,985****
Crude Oil (November)
Yesterday’s close: Settled at 86.38, up 3.59
Crude Oil futures have done a terrific job consolidating after opening 4.5% higher Sunday night. Regardless of geopolitics, this is a tough feat, considering Crude Oil futures lost 8.8% in the prior week. With bullish and bearish fundamentals and technicals colliding, we will look for continued price action out above Sunday’s opening range low of 84.67-84.89 to pave the way for a retest of $90, with major three-star resistance at 88.05-88.37 being the first stop.
Bias: Neutral/Bullish
Resistance: 86.31-86.35**, 86.74-86.96***, 87.24**, 88.05-88.37***
Pivot: 85.80
Support: 85.30-85.39**, 84.67-84.89***, 83.28-83.63***, 82.79-82.98***
Gold (December) / Silver (December)
Gold, yesterday’s close: Settled at 1864.3, up 19.1
Silver, yesterday’s close: Settled at 21.924, up 0.201
Similar to our comments in the Crude Oil section, Gold has lost 7.3% from its 9/20 high to its low and Silver 13.3%; despite geopolitics, these commodities are working through tremendous downside pressures and overhead supply in order to turn the tide. Gold is running into major three-star resistance at 1875.1-1879, which aligns with selling pressures during the final days of September and similarly Silver at 22.06-22.19. However, given the strength in lieu of Friday’s Nonfarm Payroll, some sentiment has already begun to shift. If they can hold supports aligning with the opening spike Sunday night, as they have done through pullbacks in the last 24 hours, the bulls should be able to keep the recovery path rolling.
Bias: Neutral/Bullish
Resistance: 1875.1-1879***, 1886.9-1888.7***, 1894.8-1896.7****
Pivot: 1869.5
Support: 1857.5**, 1849-1851.8***, 1844.6-1846.8***, 1830-1834.8***, 1823.5-1826.2***, 1813.4-1817.1***, 1796.5-1804.2****
Silver (December)
Resistance: 22.06-22.19**, 22.30***, 22.49-22.64***
Support: 21.65-21.72***, 21.40**, 21.14***, 20.85-20.94***, 20.50****