Market Overview – Morning Express
Market Overview – Morning Express
– Fed Chair Powell delivers his Jackson Hole keynote speech at 9:00 am CT, but his prepared remarks are expected to be released before.
– Be sure to check out this week’s articles discussing the Federal Reserve’s Jackson Hole symposium.
o The Inflation Showdown at Jackson Hole
o What Does the Fed’s Jekyll and Hyde Approach Mean for Markets?
– Core PCE, the Federal Reserve’s preferred inflation indicator, was soft.
o +0.1% MoM versus +0.3% expected
o +4.6% YoY versus +4.7%
o Personal Income +0.2% MoM versus +0.6%
o Personal Spending +0.1% MoM versus +0.4%
– CME FedWatch Tool showing a 50/50 probability on whether the Federal Reserve hikes 50 or 75 basis points in September.
E-mini S&P (September) / NQ (September)
S&P, yesterday’s close: Settled at 4201.00, up 58.25
NQ, yesterday’s close: Settled at 13,156.00, up 226.26
Bias: Neutral
Resistance: 4197.75-4204.75***, 4209.75-4213***, 4231.50****
Pivot: 4187.75-4190
Support: 4165-4170.75***, 4147.50-4153.25**, 4138.50-4142.75***, 4124.50***, 4107.25-4114.25**, 4093.75***, 4041-4064.50****
NQ (September)
Resistance: 13,189**, 13,226-13,237**, 13,268-12,285***, 13,425***, 13,524***
Pivot: 13,156
Support: 13,072-13,089**, 13,031**, 12,961-12,997***, 12,924-12,929***, 12,820**, 12,690-12,738****
Crude Oil (October)
Yesterday’s close: Settled at 92.52, down 2.37
Bias: Bullish/Neutral
Resistance: 93.28-93.55**, 94.02-94.22**,94.71**, 95.74**, 96.75-96.85***
Support: 92.13**, 91.02-91.46***, 90.23-90.61**, 89.90**, 89.04-89.49***
Gold (December) / Silver (September)
Gold, yesterday’s close: Settled at 1771.4, up 9.9
Silver, yesterday’s close: Settled at 19.12, up 0.213
Bias: Neutral/Bullish
Resistance: 1775.5**, 1783.4-1786.3***
Pivot: 1763-1767.5
Support: 1755.9**, 1749.2-1751**, 1737.5***, 1727-1731.3***
Silver (Sept)
Resistance: 19.10-19.19***, 19.44**, 19.78***
Pivot: 19.05
Support: 18.88-18.93**, 18.74**, 18.60***, 18.03-18.25***
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