Market Overview – Morning Express
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4136.75, down 49.00
NQ, yesterday’s close: Settled at 13,184.50, down 122.50
Fresh regional bank news set off early selling yesterday, but the E-mini S&P and E-mini NQ worked off major three-star supports for solid finishes. Risk-assets broadly found support from lower JOLTs data and a weaker U.S. Dollar, which wrapped up with the bank news eroded expectations for a June hike. The rebound has worked back into the middle of the week’s range, marked by overhead resistances detailed below. At the end of the day, it is all about Fed Chair Powell’s press conference that begins at 1:30 pm CT. We would find today’s session extremely constructive if it holds out above major three-star support at 4104.25-4108.50 in the S&P. However, if this is violated, we could see a break below last week’s low in what ultimately becomes a test of rare major four-star support at … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (June)
Yesterday’s close: Settled at 71.66, down 4.00
Global Oil demand growth fears are front and center, and recent price action is begging notice from OPEC+. Today’s EIA data is front and center with expectations at -1.1 mb Crude, -1.157 mb Gasoline, and -0.019 mb Distillates. With price action falling precipitously, it creates a range defined by the levels below, with the Pivot and point of balance being … Click here to get our (FULL) daily reports emailed to you!
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2023.3, up 31.1
Silver, yesterday’s close: Settled at 25.619, up 0.389
Gold and Silver responded terrifically from a hole following the one-two punch of fresh bank fears and lower-than-expected JOLTs data. This builds into today’s slate of economic data and the Fed policy decision. Traders must be ready for anything as each finds themselves back in the middle of the range and facing major three-star resistance at … Click here to get our (FULL) daily reports emailed to you!
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