Market Overview – Morning Express
Market Overview – Morning Express
E-mini S&P (June) / NQ (June)
S&P, last week’s close: Settled at 4150.25, up 74.50 on Friday and down 38.25 on the week
NQ, yesterday’s close: Settled at 13,317.75, up 274.00 on Friday and down 2.50 on the week
Friday was a gangbusters session, but can it carry into this new week? Neither E-mini S&P nor the E-mini NQ futures were able to clear above their respective ceilings of supply, highlighted by major three-star and rare major four-star resistance in the levels below. When finishing one week on a run, it becomes critical to digest those gains early in the next. A constructive path to build for higher prices would be for the E-mini S&P and E-mini NQ to hold above major three-star support at … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (June)
Yesterday’s close: Settled at 71.34, up 2.78
The run-up in WTI Crude Oil future on Friday helped finish the week with sizeable volume, the most since the opening week of April, which coincided with OPEC’s production cut announcement. Although 905k contracts were considerably less than the 1.23 million in mid-March, the rejection of lower prices and a strong close on increased volume as the week unfolded should help bring additional tailwinds. However, price action will face a think supply zone, highlighted by rare major four-star resistance at … Click here to get our (FULL) daily reports emailed to you!
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2024.8, down 30.9 on Friday and up 25.7 on the week
Silver, yesterday’s close: Settled at 25.93, down 0.297 on Friday and up 0.704 on the week
Gold and Silver futures have stabilized from Friday’s early bloodbath, but the swift and heavy selling after the Nonfarm Payrolls report certainly creates tremendous damage to now repair. To make matters worse, price action was already leaving a tail from the Wednesday night spike and reversal. First key resistance comes in for Gold at 2036.9. However, it is major three-star resistance in each Gold and Silver that we must see a close above in order to begin repairing just Friday’s damage, and this comes in at … Click here to get our (FULL) daily reports emailed to you!
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