Blue Line – Morning Express August 3rd, 2021
| – Rising Covid worries, and increased restrictions across state and local governments – Factory Orders at 9:00 am CT – Fed Governor Clarida and San Francisco Fed President Bowman scheduled to speak at 1:00 pm CT S&P (September) / NQ (Sept) – Yesterday’s low and gap settlement in the S&P bring major three-star support at 4377.25-4379.75. – Head and shoulders building in the S&P; July 26th left shoulder, July 29th head, and yesterday right shoulder. – NQ building a wedge, we referenced each leg previously; overhead trend line from highs and support trend line from May 19th low aligns with already standing major three-star support at 14,850-14,871. – Momentum indicator in the S&P at 4393 and NQ at 14,950; continued action below here will encourage added weakness carrying from yesterday. – Taking a slight Bearish Bias but must break below major three-star support in the S&P 4355.75-4359.50, within an undefined “soon” timeframe. Could be negated with decisive action above 4401.50. Close above 4411.75-4414.25 is bullish. Bias: Neutral/Bearish Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. S&P, yesterday’s close: Settled at 4379.75, down 9.75 Resistance: 4401.50**, 4411.75-4414.25***, 4421-4422.50***, 4429**, 4446*** Pivot: 4393 Support: 4386**, 4377.25-4379.75***, 4367.25-4370.75**, 4355.75-4359.50*** NQ, yeterday’s close: Settled at 14,952.75, down 3.00 Resistance: 15,040-15,056***, 15,098-15,134***, 15,206**, 15,271*** Pivot: 14,950-14,980 Support: 14,930*, 14,850-14,871***, 14,750-14,790***, 14,692-14,722*** Crude Oil (September) Yesterday’s close: Settled at 71.26, down 2.69 – Major three-star support held perfectly yesterday but a break below there this morning fully neutralizes uptrend. – Selling has taken out 50% at 69.62. Close above can neutralize near-term selling. – Shelf created from July 21st rally aligns at 67.79-68.19 to bring next big support – Momentum indicator trailing tape at 71.50 and slipping. Session high is 71.96. Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Bias: Neutral Resistance: 70.56-70.71***, 71.50**, 71.70-71.96*** Pivot: 69.62*** Support: 68.53***, 67.79-68.19***, 67.18**, 66.39** Gold (December) / Silver (Sept) – Silver outperforming all metals with Copper and Platinum both down sharply. – Silver building a bull flag, again pins rare major four-star resistance in the mix at 25.74-25.85; close above is very bullish. – Gold settled well, but late selling created gap resistance. – Overall, Gold has held ground at support, but underperforming given Dollar weakness and Treasury strength Bias: Neutral/Bullish Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Gold, yesterday’s close: Settled at 1822.2, up 5.0 Resistance: 1822.2-1824.5**, 1834.5-1839***, 1854.6-1858.3*** Pivot: 1815 Support: 1808.2-1810.9**, 1801.5-1804.6***, 1793-1796*** Silver, yesterday’s close: Settled at 25.575, up 0.028 Resistance: 25.74-25.85****, 26.20**, 26.55-26.72***, 27.24*** Pivot 25.46 Support: 25.27-25.35***, 24.99-25.05**, 24.88***, 24.65*** |
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