Market Overview – Morning Express
– President Biden’s meetings with EU yielded an LNG deal, to supply Europe with at least 15 billion cubic meters in 2022 and 50 bcf until 2030.
– Germany plans to stop all Russian Oil and Gas by mid-2024.
– German Ifo Business Climate eroded to lowest since January 2021; expectations for the next six months. However, Current Assessment was better.
– NY Fed President Williams speaks at 9:00 am CT and Fed Governor Waller at 11:00 am CT.
– Final March Michigan Consumer data due at 9:00 am CT.
– Richmond Fed President Barkin speaks at 10:30 am CT, a non-voter in 2022.
– Keep an ear out for added Fed speak.
– NATO doing contingency planning in the case Russia strikes NATO territory.
– U.S. 10-year making way back to 2.40% and 2-year back to 2.20%.
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4512.50, up 65.00
NQ, yesterday’s close: Settled at 14,763.75, up 316.75
– The trend has surpassed several layers of resistance and is on pace for a weekly close above a critical impasse. Although we are not suggesting chasing the tape, we cannot ignore the continued bid and must move our Bias off Neutral to cautiously Bullish.
– Bank of America weekly flows suggest $1.2 billion came out of stocks. Also, $13.2 billion moved into cash.
– Price action is out above our Pivot and point of balance at 4520.50 in the S&P and 14,765-14,780 in the NQ; continued action above here will favor higher prices.
– In order to open the door for a consolidation pattern lower, we must see a close below … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (May)
Yesterday’s close: Settled at 112.34, down 2.59
– EU remains divided on sanctions on Russian energy, prices come in.
– Weakness comes as Kazakhstan CPC terminal resumes some flows.
– Resistance overhead holds as market reaches above 112.65-113.41 yesterday.
– President Biden’s meetings with EU yielded an LNG deal, to supply Europe with at least 15 billion cubic meters in 2022 and 50 bcf until 2030.
– Russian production holding strong at 11.11 mbpd for first three weeks of March.
– Floor on the week for uptrend established at rare major four-star support at 107.01-107.30.
– Weakness will hold while below our Pivot and point of balance at … Click here to get our (FULL) daily reports emailed to you!
Gold (April) / Silver (May)
Gold, yesterday’s close: Settled at 1962.2, up 24.9
Silver, yesterday’s close: Settled at 25.92, up 0.731
– Can Gold and Silver finish out a strong week, despite rising yields.
– Should hold a geopolitical bid ahead of the weekend, at minimum.
– Yesterday’s surge in Gold stalled right at major three-star resistance.
– Must see prices hold out above new major three-star supports at … Click here to get our (FULL) daily reports emailed to you!
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