Market Overview – Morning Express
Market Overview – Morning Express
E-mini S&P (March) / NQ (March)
S&P, last week’s close: Settled at 4916.25, down 7.00 on Friday and up 46.75 on the week
NQ, last week’s close: Settled at 17,527.00, down 107.50 on Friday and up 88.50 on the week
Are the E-mini S&P and E-mini NQ developing bull-flag patterns? A constructive response to the first two tiers of support will encourage such a pattern to unfold, though price action will be increasingly fundamental as the week unfolds and is highlighted by mega-cap earnings, the Federal Reserve policy decision, and Nonfarm Payrolls.
Bias: Neutral/Bullish
Resistance: 4923.25-4926.50**, 4931.75-4934.25***, 4981-5000****
Pivot: 4916.75
Support: 4907.25**, 4895.25-4898.25**, 4889.25**, 4881-4884**, 4873.25-4875.25***, 4869.50***, 4859.75-4861.75**, 4845**, 4836.50-4841.50***, 4825.50-4826**, 4815.75-4817**, 4808.50-4811.75****
NQ (March)
Resistance: 17,626-17,640***, 17,679-17,695***, 17,765-17,794***, 17,996-18,000****
Pivot: 17,527-15,545
Support: 17,488-17,503**, 17,438**, 17,371-17,409***, 17,241-17,245***, 17,166-17,192***, 17,095-17,111****
Crude Oil (March)
Last week’s close: Settled at 78.01, up 0.65 on Friday and 4.76 on the week
Bias: Neutral/Bullish
The Sunday opening spike in Crude Oil futures has not been retested and achieved a critical area of resistance. It would be prudent to monetize the three-session range breakout that tested the highest level since the November 30th spike.
Resistance: 79.57-79.65***
Pivot: 78.01-78.21
Support: 77.41-77.64***, 76.31-76.70**, 75.83-76.06**, 75.08-75.29***
Gold (April) / Silver (March)
Gold, last week’s close: Settled 2036.1, down 0.7 on Friday and 12.5 on the week
Silver, last week’s close: Settled at 22.872, down 0.055 on Friday and up 0.161 on the week
Gold and Silver futures face a pivotal week ahead with the Federal Reserve policy decision on Wednesday, surrounded by a deluge of data ranging from Chinese Manufacturing (Tuesday night) to Nonfarm Payroll (Friday). The Sunday night opening spike will provide a line in the sand that price action must chew through. A failure to hold the pivot and point of balance will work to erode what is developing as a potential positive market shift.
Bias: Neutral/Bullish
Resistance: 2051.4-2054.5**, 2057.2-2061.2***, 2070.7-2071.4***
Pivot: 2042.9-2045.7
Support: 2036.1-2037.7***, 2031.8**, 2023.3-2026***
Silver (March)
Resistance: 23.11-23.15***, 23.23**, 23.33** 23.68-23.76****
Pivot: 23.00
Support: 22.81-22.87***, 22.74***, 22.58-22.63***, 22.38-22.42***
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