Market Overview – Morning Express

Market Overview – Morning Express
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 5047.50, up 43.75
NQ, yesterday’s close: Settled at 17,350.00, up 169.25
E-mini S&P and E-mini NQ futures broke a streak of six losing sessions. Yesterday’s rally was broad, with chips like NVDA and MU rebounding firmly, and banks having a day, but it all comes down to earnings before Core PCE. Although the market will no longer depend on TSLA, which reports after the bell, this week’s calendar is stacked.
Coming into yesterday, we had 5074.75-5078.75 as a major three-star resistance mark in the E-mini S&P, and a critical inflection point where the selling picked up later in the week; E-mini S&P futures must close above here in order to take the first step in neutralizing some of the selling. In the E-mini NQ, we have a similar mark at 17,517-17,552.
Bias: Neutral/Bullish
Resistance: 5058-5062.25**, 5074.75-5078.75***, 5095.25-5097**, 5101.50-5104.75***, 5119-5123.25***
Pivot: 5047.50
Support: 5040.75**, 5032-5034.25***, 5025.25**, 5019.25**, 5001.50-5006***, 4991.25-4994.25****, 4983.50**, 4963.50-4971.50**
NQ (June)
Resistance: 17,422-17,448**, 17,517-17,552***, 17,615-17,648**, 17,723-17,746***
Pivot: 17,331-17,350
Support: 17,234-17,273**, 17,148-17,182****, 17,106-17,114***
Crude Oil (June)
Yesterday’s close: Settled 81.90, down 0.32
Crude Oil futures are under pressure this morning after failing at major three-star resistance defined around the $83 mark. While we remain upbeat in the intermediate to longer-term, rally attempts of late have had little fuel. The bulls must reaffirm support in order to garner renewed momentum.
Bias: Neutral
Resistance: 81.75-81.86**, 82.11-82.22***, 82.87-83.17***, 83.44-83.75***, 84.07-84.47**, 85.24-85.64***
Pivot: 81.90
Support: 80.78-81.11***, 80.12***, 78.80-79.02***, 78.01-78.43
Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2346.4, down 67.4
Silver, yesterday’s close: Settled at 27.245, down 1.599
Gold and Silver futures have been bludgeoned. If yesterday was not enough, seconds were served last night. Gold is testing into a critical area of support at 2300-2308.5 in which the market must not only hold and respond through today but also close back above now resistance at 2325.3-2327.1. Although Gold was the leader for much of the month, it might be up to Silver to channel commodity momentum take the reins, and exude leadership within the precious metal space. The December 1st highs for the May contract come in at 26.57. It is imperative for Silver to hold out above here as the May contract options expire and the futures roll off this week.
Bias: Neutral
Resistance: 2325.3-2327.1***, 2338.2**, 2344.7-2347.9***, 2353.7-2358***
Pivot:
Support: 2300-2308.5***, 2281.8-2283.5***, 2257.1***, 2246.6***, 2231.2-2238.2****
Silver (May)
Resistance: 27.24-27.34***, 27.59-27.67****
Pivot: 27.15
Support: 26.93-26.97***, 26.71-26.81**, 26.40-26.58***, 25.92-25.98***
Micro Bitcoin (April)
Last week’s close: Settled at 66,610, up 2,255
Bias: Neutral/Bullish
Resistance: 67,170-67,595***, 68,132-68,590*, 70,149-70,800**, 71,795-71,815**, 72,110-72,530**, 73,410-73,600***
Pivot: 66,502
Support: 64,355-64,937***, 63,605**, 61,632-62,235***, 59,700-60,830****, 57,410-58.250***
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