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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5278.25, down 15.00
NQ, yesterday’s close: Settled at 18,513.50, down 61.25
E-mini S&P and E-mini NQ futures are higher ahead of the bell, with a weaker U.S. Dollar and a firm Treasury landscape helping to lift the risk-environment. Selling early yesterday morning and late in the intraday session merely tested into the thick of the high-volume rally on Fed Day in what has so far proven to be a healthy consolidation. Price action in the E-mini S&P is out above Friday’s settlement of 5293.25, a gap cover that was not achieved on Monday. Still, we have major three-star resistance at 5303-5306, but a move out above here is likely to help bring risk-on tailwinds that could last through the quarter’s end Thursday.
Bias: Neutral/Bullish
Resistance: 5303-5306***, 5313-5315.75**, 5319.25-5321.50***, 5357.25***
Pivot: 5293.25-5295
Support: 5285.75-5287.25**, 5275.75-5278.25***, 5263.50-5267.75**, 5252.75-5257.25***, 5241-5245.25****, 4235-4236.75***, 5226-5228.25**, 5214.75-5218**, 5204.75-5206.50***
NQ (June)
Resistance: 18,601-18,626***, 18,691-18,709***, 18,853**, 18,953**, 19,000-19,034***
Pivot: 18,555-18,575
Support: 18,507-18,514***, 18,414-18,454***, 18,398-18,404***,18,342-18,361**, 18,270-18,291****, 18,203-18,219**, 18,152-18,172**, 18,053-18,070***, 18,006-18,029***
Crude Oil (May)
Yesterday’s close: Settled at 81.95, up 1.32
A path of least resistance higher was arguably created mid-March upon the decisive break above $80. Geopolitics tied to the attack in Moscow over the weekend have helped aid this path, with tailwinds also coming from Russia cutting output to align with OPEC+. There is overhead supply (resistance) at the March 19th reversal, but the bulls appear to be in the driver’s seat while holding out above $80. Furthermore, a new floor could be built today with buyers responding to newly established major three-star support at 81.20-81.48. Look to continued price action above here and the pivot and point of balance to encourage buoyancy.
Bias: Neutral/Bullish
Resistance: 82.25-82.48***, 82.97-83.12***, 83.87-83.95***
Pivot: 81.79-81.92
Support: 81.20-81.48***, 80.63-80.78**, 80.30-80.48***, 79.69-79.87***, 78.75-78.80**, 76.86***
Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2198.2, up 16.6
Silver, yesterday’s close: Settled at 24.891, up 0.048
Gold and Silver futures are seeing renewed strength this morning. Gold has certainly been the leader and we are seeing more of the same with price action testing into the March 21st selling, while Silver remains below yesterday’s low and more than 2% from the March 21st selling. In fact, if today’s lower high holds, it would be the second in a row since the selling subsided early Friday morning. Gold is facing a solid level of resistance, but it may need to be the one dragging Silver above Friday’s high in order to allow Silver to breathe and lead potentially. Traders should attempt to capitalize on this morning’s strength. We are certainly making sure to do so for your Commodity Trading Advisor programs. There are many ways to do that. Feel free to call our trade desk at 312-278-0500.
Bias: Bullish/Neutral
Resistance: 2221.4-2225.3***, 2230.9-2232.6**, 2246.6-2249.5***, 2255.7**, 2275.8***
Pivot: 2216.2
Support: 2207.7-2209.6**, 2201.3-2204.1**, 2198.2***, 2180.2-2182.4****
Silver (May)
Resistance: 25.08-25.11***, 22.19**, 25.28**, 25.44**, 25.50-25.54***
Pivot: 24.90-24.95
Support: 24.82-24.84**, 24.63-24.68***, 24.53-24.58***, 24.39**, 24.18-24.23***
Micro Bitcoin (April)
Yesterday’s close: Settled at 71,925, up 7,210
Bias: Bullish/Neutral
Resistance: 71,700-72,085**, 73,600**, 74,800-75,300***
Pivot: 71,500
Support: 70,375**, 68,685-69,160**, 67,925**, 66,882-67,085**, 64,715-65,260***, 62,955-63,435**, 60,830-61,680***