Market Overview – Morning Express
Market Overview – Morning Express
E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 4962.00, down 18.25
NQ, yesterday’s close: Settled at 17,700.00, down 32.75
The market may be frothy and showing signs of exhaustion from a breadth perspective, but technical supports continue to hold and produce higher lows. We also cannot ignore leadership from the majors; CAT and NVDA yesterday, LLY today, META and AMZN Friday. With a mega-cap taking the baton daily during earnings season, the E-mini S&P and E-mini NQ have remained constructive against support.
Bias: Neutral/Bullish
Resistance: 4973**, 4977.50-4981***, 4996.25-5000***, 5024-5034.25***, 5091.75***
Pivot: 4962-4964.25
Support: 4956-4858.75**, 4941.50-4942.75**, 3937.75**, 4929-4931.75***, 4925.75*, 4916.25-4919.50**, 4908-4909.75**, 4897-4900.50**, 4894.50-4895.50**, 4874.50-4877.50***, 4868.25-4870.50***
NQ (March)
Resistance: 17,756-17,794***, 17,996-18,000****
Pivot: 17,684-17,717
Support: 16,673-17,676**, 17,633**, 17,554-17,563**, 17,484-17,519***, 17,645**, 17,416-17,436***, 17,385-17,414**, 17,329**, 17,236-17,285***, 17,166-17,192***, 17,102-17,111****, 17,033-17,064***
Crude Oil (March)
Yesterday’s close: Settled at 72.78, up 0.50
Crude Oil futures are attempting to build a base above 73.06 and doing so will help invite added buying. A close above Thursday’s high-volume slam-down has created major three-star resistance at 73.78-74.13 and we believe a close above here turns the tape overall bullish.
Bias: Neutral/Bullish
Resistance: 73.78-74.13***, 74.52**, 75.08***
Pivot: 73.06
Support: 72.48-72.57**, 72.28***, 71.58-71.79**, 70.62-70.87***
Gold (April) / Silver (March)
Gold, yesterday’s close: Settled at 2042.9, down 10.8
Silver, yesterday’s close: Settled at 22.422, down 0.374
Gold and Silver futures failed to continue flushing through midday each Friday and Monday after blowout-strong economic data, we could be witnessing sellers’ exhaustion which would help encourage a consolidation higher at minimum. However, continued U.S. Dollar strength is a real headwind to any sustained rally.
Bias: Neutral/Bullish
Resistance: 2044.2-2045.3*, 2047.7-2049.6***, 2056.8-2059.1**, 2067.4-2071.42***
Pivot: 2042
Support: 2037.6-2038.8**, 2030.8-2031.8***, 2023.3-2026***, 2012.5-2016.7***, 2007.4**
Silver (March)
Resistance: 22.58-22.63**, 22.73-22.79***, 22.90***, 23.01-23.05**, 23.23-23.36***, 23.45***
Pivot: 22.42-22.48
Support: 22.32-22.34**, 22.04-22.05***, 21.75***, 21.26-21.33***
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20240206
