Market Overview – Morning Express
Market Overview – Morning Express
E-mini S&P (June) / NQ (June)
S&P, last week’s close: Settled at 5182.75, down 35.25 on Friday and 9.75 on the week
NQ, last week’s close: Settled at 18,058.75, down 213.00 on Friday and 238.50 on the week
E-mini S&P and E-mini NQ futures are snapping back from pre-expiration selling Friday morning and an unenthusiastic weekly close. Yes, there is arguably some frothiness, the risk appetite may be getting a bit exhausted, and the Federal Reserve’s policy meeting looms overhead, but let’s not forget that the market is in a bull trend. Price action in the E-mini S&P above Thursday’s gap settlement at 5218 will be seen as bullish in the near-term and similarly a move above major three-star resistance in the E-mini NQ at 18,297-18,342 is likely to garner fresh buying. Additionally, given this overnight levitation, Friday’s settlement and lows will provide a line in the sand on the week.
Bias: Neutral/Bullish
Resistance: 5226**, 5230.75-5232.50**, 5241.50-5243.50***, 5252.75-5257.25***, 5267.75**, 5279.25**, 5315.75***
Pivot: 5218
Support: 5207.50-5208.75**, 5198.75-5203**, 5185-5188***, 5180.25**, 5167.75-5172.75***, 5156.75-5161.25***, 5148.75*, 5121-5125.75***, 5094.75-5100***, 5055-5056.50****
NQ (June)
Resistance: 18,297-18,342***, 18,398-18,430***, 18,462-18,482**, 18,541-18,584***, 18,644-18,700***
Pivot: 18,255
Support: 18,203-18,229**, 18,161-18,172**, 18,075**, 18,019**, 17,910-17,932**, 17,767-17,870****
Crude Oil (May)
Last week’s close: Settled at 80.58, down 0.16 on Friday and up 3.08 on the week
Crude Oil consolidated on Friday’s April option expiration, but the two-day move from Wednesday through Thursday cannot be ignored and price action seems to be attempting to continue the trend this morning. May is now front-month and we have major three-star support at 80.56-80.78, aligning with Friday’s settlement to help define a floor to the latest strength.
Bias: Neutral/Bullish
Resistance: 81.74***, 82.73-82.97***, 83.87-83.95***
Pivot: 81.03-81.09
Support: 80.56-80.78***, 80.01-80.14**, 79.69-79.87***, 78.75-78.80**, 76.86***
Gold (April) / Silver (May)
Gold, last week’s close: Settled at 2161.5, down 6.0 on Friday and 24.0 on the week
Silver, last week’s close: Settled at 25.381, up 0.321 on Friday and 0.832 on the week
Gold and Silver futures have had a tremendous run, and traders are now shifting focus to this week’s Federal Reserve policy meeting. Gold handed the baton to Silver last week, which extended to a three-month high despite Gold slipping. Yes, Gold finished the week down a shade more than 1%, but this was arguably a healthy consolidation given the move in Treasuries and the warmer than expected inflation prints. Both Gold and Silver slipped early last night, but are working to rebound which increases the emphasis on our Pivot and point of balance, detailed below, on today’s session.
Bias: Bullish/Neutral
Resistance: 2170.3-2170.7**, 2174.6-2177***, 2184.6-2187.8***, 2192.7-2195.5***, 2200-2203***
Pivot: 2160-2161.5
Support: 2155.2-2158.2***, 2148.2-2150.5***, 2139.7-2141.9***
Silver (May)
Resistance: 25.54***, 26.09***
Pivot: 25.35
Support: 25.12-25.15***, 25.01**, 24.90-24.95**, 24.68-24.75***, 24.55-24.57**, 24.38-24.45***, 24.22-24.27**
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