E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 4772.25, down 12.75
NQ, yesterday’s close: Settled at 16,430.25, up 60.25
– We Neutralized our Bullish Bias early yesterday morning for reasons noted throughout the week; thin yearend volume, easy money has been made on this leg, consolidation pattern after 6% move highly probable. Simply to approach the market more prudent.
– Trend still bullish, but first key support has given way.
– Do not ignore potential bull-flag pattern developing with slightly lower lows during consolidation.
– We have not had major three-star support in the S&P and NQ until … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (February)
Yesterday’s close: Settled 76.99, up 0.43
– New swing high yesterday of 77.44 early yesterday exactly tests our major three-star resistance at 77.44-77.81, but another rejection.
– Price action back below our momentum indicator which is our Pivot and point of balance on the session at 76.45.
– Two layers of key support fighting weakness, a battle at 50-day moving average at 75.07 today.
– If selling picks up, do not want to see tape surrender major three-star support at … Click here to get our (FULL) daily reports emailed to you!
Gold (February) / Silver (March)
Gold, yesterday’s close: Settled at 1814.1, up 8.3
Silver, yesterday’s close: Settled at 23.06, up 0.202
– Noted yesterday: In recent weeks, Managed Money has reduced Net-Long significantly. They are now very under-positioned for move higher. We find this very favorable.
– Great defense at support this week, Gold and Silver now testing the upper part of range, do not chase.
– Do not want to see a break back below major three-star support in Gold at 1810.9-1814.1
– Must hold price action above … Click here to get our (FULL) daily reports emailed to you!
You can sign up for a free trial here: https://www.bluelinefutures.com/free-trial