This will be a critical week for markets to prove themselves with economic data, earnings, and the June Fed meeting in the rear-view mirror. Read the latest on the E-mini S&P, E-mini NQ, Crude Oil, Gold, Silver and Bitcoin (futures).
Bill and Oliver tweeted about Silver on Thursday and the indiscriminate selling into rare major four-star support. Make sure to follow all of us on Twitter (X), Instagram, YouTube, and Facebook.
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E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5437.50, down 1.00 on Friday and up 81.75 on the week
NQ, last week’s close: Settled at 19,685.50, up 83.00 on Friday and 647.75 on the week
Please note, we are referencing the June futures and do not roll until Tuesday of each quarterly expiration week.
The E-mini S&P and E-mini NQ finished at new weekly records on Friday and closed higher for the sixth and seventh week out of the last eight, respectively. We have certainly not been ones to shy away from calling this a stock pickers market, finding many names outside the lauded “Mag 7” to hang our hats on, however, we find the latest breadth deterioration concerning. With economic data, earnings, and the June Fed meeting in the rear-view mirror, this will be a critical week. Will the Industrial sector continue to roll over, will the Consumer Discretionary sector build out a head and shoulders top. Look at the E-mini Dow, it is still 3.5% from its March record high and the E-mini Russell finished Friday at the lowest level since May 1st. The sectors absolutely matter, but the top six names (MSFT, AAPL, NVDA, GOOG, AMZN, META) now account for 30% of the S&P, and right here we are talking about index futures. Price action has built out nice support in the E-mini S&P at and around 5400, detailed below. If we see continued construction out above this area and, furthermore, strength in the E-mini NQ out above 19,685-19,691, then there is no reason to think the party is over, and our Bias will remain more Bullish.
- Bias: Bullish/Neutral
- Resistance: 5444-5447, 5452.50-5454.50, 5459.75, 5475.75
- Pivot: 5430.50-5438.50
- Support: 5424.25-5426.25, 5413-5417, 5408.50, 5395.75-5397, 5384-5387.50, 5370.50-5375.75, 5355.75-5359.25**
NQ (June)
- Resistance: 19,882, 20,000**
- Pivot: 19,685-19,691
- Support: 19,629-19,649, 19,557-19,563, 19,496-19,507, 19,433, 19,349-19,374, 19,242-19,279 19,187-19,208, 19,136-19,155
Crude Oil (August)
Last week’s close: Settled 78.26, up 0.11
August WTI Crude Oil futures are front month and price action has consolidated terrifically out above the 21-day moving average since last Monday’s strong session. However, as this week unfolds, there are two stories overhead. First, price action has not traded above the 54-day moving average since breaking below it on May 1st, and this comes in at 79.34. Second, there is unfinished gap settlement resistance from the April 30th monthly settle aligning to create rare major four-star resistance with a .618 retracement. While the 54-dma is resistance, one may view the gap settlement as unfinished business and a bullseye that must be tested.
- Bias: Neutral/Bullish
- Resistance: 78.85-78.94, 80.37-80.61*
- Pivot: 78.11
- Support: 77.33-77.42, 75.46-75.75
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