Market Overview – Morning Express
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– Kremlin says peace talks have not progressed as much as they should and mark no basis for a Putin-Zelenskyy meeting.
– Russia moves in on Mariupol, pro-Russian Donetsk leader says will capture in no less than a week.
– Crude Oil surges as EU considers a new round of sanctions on Russia, including energy.
– President Biden visits the EU this week.
– China remains evasive, denies sending weapons. President Xi says the war is in no one’s interests. Biden-Xi call was deadlock.
– Chinese military said USS Ralph Johnson’s passage through Taiwan Strait on March 17th was “provocative and dangerous”.
– Houthi rebels attack Saudi Oil refinery and temporarily disrupt production.
– Saudi Arabia remains diplomatically evasive to the Russia-Ukraine war and to increase Oil production. Further, in statement this morning absolves itself from responsibility of Oil shortage in light of recent attack.
– Saudi Arabia is considering pricing Oil to China in Yuan. Would mark a historical break from U.S. Dollar pricing.
– Chinese Boeing jet crashes in mountains with 132 on board. Boeing stock is down more than 6% premarket.
– Keep an ear out for Fed speak from committee members.
– Influential Atlanta Fed President Bostic says containing inflation is a top priority in 2022 and the Fed will do everything in its power.
– Fed Chair Powell is scheduled to speak at 11:00 am CT.
– White House will holds briefing on Russia-Ukraine on Monday for energy, financial services, food and manufacturing executives.
– U.S. 10-year yield is testing last week’s new swing high of 2.239% and 2-year crosses 2.00% for the first time since May 2019.
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4453.50, up 51.50 on Friday and 261.00 on the week
NQ, yesterday’s close: Settled at 14,413.50, up 305.75 on Friday and 1,124.50 on the week
– Massive melt-up on Friday is very bullish, but this is not the place or environment to be chasing price action.
– February 16th gap close in the S&P brings major three-star resistance at 4464.
– Pivot and point of balance align the 50% from recent low back to record high with Friday’s settlement.
– NQ settled right at the .382 retracement from recent low back to record high. Aligns to create major three-star resistance at 14,389-14,413.
– Volume was strong coming out of the hole, but not outsized volume on Thursday and Friday.
– Will need to back-test strong support to create inflection point, continuation higher or bear market rally, at … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (May)
Yesterday’s close: Settled at 103.09, up 1.44 on Friday and down 3.21 on the week
– Potential of EU expanding sanction on Russian energy has sparked a bullish leg.
– Houthi rebels attack on Saudi Arabia and Saudis comments signals no rush (potential inability) to increase production.
– Price action is retesting into the March 10th inverse head and shoulders failure.
– Friday’s settlement will mark an area of strong support at 103.01-103.61, a break below here will neutralize this latest leg.
– Pivot and point of balance will be crucial in signaling the bulls hold edge through the session, comes in at … Click here to get our (FULL) daily reports emailed to you!
Gold (April) / Silver (May)
Gold, yesterday’s close: Settled at 1929.3, down 13.9 on Friday and 55.7 on the week
Silver, yesterday’s close: Settled at 25.087, down 0.529 on Friday and 1.073 on the week
– U.S. Treasury yields rise sharply on the heels of last week’s risk-on move across equities and as Energy prices surge, underpinning inflation.
– U.S. Dollar Index is quiet after a soft week.
– Gold and Silver battling to hold ground at crucial levels of support in order to hold constructive technical path. Aligns with Gold 2011 record high.
– First key resistance in Gold now aligns Friday’s settlement with the 1931.5 mark
– Pivot and point of balance for Gold and Silver are crucial on the session; come in at … Click here to get our (FULL) daily reports emailed to you!
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