Market Overview – Morning Express
– Q3 GDP, second look, Durable Goods, Jobless Claims due at 7:30 am CT
– Fed’s preferred inflation indicator released early ahead of holiday, appears to be 9:00 am CT instead of usual time at 7:30 am CT.
– Final Michigan Consumer data and New Home Sales due at 9:00 am CT
– Release of FOMC Minutes from meeting earlier this month at 1:00 pm CT.
– ECB released Minutes tomorrow morning at 6:30 am CT.
E-mini S&P (December) / NQ (December)
S&P, yesterday’s close: Settled at 4688.50, up 8.75
NQ, yesterday’s close: Settled at 16,312, down 70.00
– Major three-star resistance at 4690-4694.50 has held perfectly; close above here is needed to neutralize this wave of weakness.
– We will hold Neutral/Bullish until close back above this major three-star resistance
– Major three-star support at 4642-4643, aligning with the November 12th opening bell surge has staved off selling. New floor? Break below would be negative and begin a battle at rare major four-star support at 4620-4627 through the end of week.
– Inverse head and shoulders off first key support at … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (January)
Yesterday’s close: Settled at 78.50, up 1.75
– Crude had its best day in two weeks after the White House announced a plan to release 50 mb from the SPR. Who would have thought? Policy this poor will almost certainly bring $100 in 1H, barring a serious fourth wave of Covid. They are hindering/discouraging U.S. production, have given unlimited power to OPEC+ (Saudi Arabia and Russia) and China to control the price of Crude Oil, and now used dry powder to no effect.
– EIA due at 9:30 am CT, expectations for -0.481 mb Crude, -0.461 mb Gasoline, -1.002 mb Distillates.
– Continued action at and above our Pivot, aligns with our momentum indicator, is very bullish. Comes in at … Click here to get our (FULL) daily reports emailed to you!
Gold (December) / Silver (December)
Gold, yesterday’s close: Settled at 1783.8, down 22.5
Silver, yesterday’s close: Settled at 23.435, down 0.862
– For new long-term positions, begin using February Gold and March Silver. We will send updated levels on Monday. Currently $2.5 premium in Gold and $0.05 premium in Silver.
– U.S. Dollar extending gains ahead of economic data slate at 7:30 am CT.
– After bloodbath, major three-star supports are holding so far at 1781.6-1785.3 and 23.45-23.49; could lead to dead cat bounce if more favorable fundamental shift today with data miss or FOMC Minutes and Dollar lower.
– From yesterday: Tremendous overhead damage, unless there is a major fundamental shift, Gold and Silver are likely toast until bullish seasonal second half of December; fade the rip market.
– Continued action below momentum indicators, denoted as our Pivots is negative…. Click here to get our (FULL) daily reports emailed to you!
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