Market Overview – Morning Express
– Russia regroups and rearms, expected to shift focus to eastern Ukraine, Donbas region.
– Ukrainian Foreign Minister warns NATO the battle for Donbas will resemble World War II, pleas for help.
– NATO warns the war can last for weeks, months, or years.
– Civilians evacuating eastern Ukraine attacked by Russian rocket artillery, killing dozens and wounding more than 100.
– Attack is the latest shock in a mounting war and encourages the west to increase pressure on Russia.
– France heads to the polls this weekend. Incumbent Macron faces off against right-wing populist Le Pen, from the country’s Nationalist party.
– With inflation and rising food prices in focus, today’s WASDE report will be critical. Do not miss our daily Grain Express. Email info@bluelinefutures.com if you are not receiving it and would like to begin.
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4496.25, up 20.50
NQ, yesterday’s close: Settled at 14,536.00, up 30.75
– S&P held massive rare major four-star support for the second day in a row, propelling a rebound into yesterday’s close.
– NQ head fake below rare major four-star support but rejected and rebound followed.
– Rally attempts so far contained by overhead resistance detailed below.
– First key supports in both S&P and NQ align with our momentum indicators, neutralizes yesterday’s rebound upon break below …Click here to get our (FULL) daily reports emailed to you!
Crude Oil (May)
Yesterday’s close: Settled at 96.03, 0.20
– IEA on offensive to battle rising energy costs, along with U.S., will release 240 mb over the next six months starting in May.
– Reports of at least two Chinese refiners set to import less Crude from Saudi Arabia in May. Assume combination of rising prices and lockdowns.
– No formal discussion of Russian Oil embargo planned at EU meeting Monday. This comes after train strike in Ukraine and may allude to misdirection to actually talk about embargo.
– Our 96.50 mark will serve as Pivot and point of balance heading into the weekend.
– Weakness has tested our next level, major three-star support at 93.41-93.59
– A move out above resistance at 98.95 would likely garner added buying to … Click here to get our (FULL) daily reports emailed to you!
Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 1937.8, up 14.7
Silver, yesterday’s close: Settled at 24.735, up 0277
– Early spike in both Gold and Silver dissipating after testing and failing at first key resistance, again.
– Dollar Index back above 100.00 for first time since May 2020, will pressure commodities broadly.
– Treasuries slipping, yields higher, adding pressure to Gold and Silver.
– Gold’s range is tightening up and points to a directional break soon.
– Silver building out a triangular-like pattern with trend line resistance overhead.
– Price action for both remains very constructive when you back out.
– Would expect added buying upon a close above …Click here to get our (FULL) daily reports emailed to you!
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