Price Action Will Be Increasingly Fundamental as the Week Unfolds

Are the E-mini S&P and E-mini NQ developing bull-flag patterns, asks Bill Baruch of BlueLineFutures.com.

E-mini S&P (March) / E-mini NQ (March)

S&P, last week’s close: Settled at 4916.25, down 7.00 on Friday and up 46.75 on the week

NQ, last week’s close: Settled at 17,527.00, down 107.50 on Friday and up 88.50 on the week

A constructive response to the first two tiers of support will encourage such a pattern to unfold, though price action will be increasingly fundamental as the week unfolds and is highlighted by mega-cap earnings, the Federal Reserve policy decision, and Nonfarm Payrolls.

Bias: Neutral/Bullish

Resistance: 4923.25-4926.50, 4931.75-4934.25, 4981-5000

Pivot: 4916.75

Support: 4907.25, 4895.25-4898.25, 4889.25, 4881-4884, 4873.25-4875.25, 4869.50, 4859.75-4861.75, 4845, 4836.50-4841.50, 4825.50-4826, 4815.75-4817, 4808.50-4811.75

NQ (March)

Resistance: 17,626-17,640, 17,679-17,695, 17,765-17,794, 17,996-18,000

Pivot: 17,527-15,545

Support: 17,488-17,503, 17,438, 17,371-17,409, 17,241-17,245, 17,166-17,192, 17,095-17,111
Crude Oil (March)

Last week’s close: Settled at 78.01, up 0.65 on Friday and 4.76 on the week

Bias: Neutral/Bullish

The Sunday opening spike in Crude Oil futures has not been retested and achieved a critical area of resistance. It would be prudent to monetize the three-session range breakout that tested the highest level since the November 30 spike.

Resistance: 79.57-79.65

Pivot: 78.01-78.21

Support: 77.41-77.64, 76.31-76.70, 75.83-76.06, 75.08-75.29
Gold (April) / Silver (March)

Gold, last week’s close: Settled 2036.1, down 0.7 on Friday and 12.5 on the week

Silver, last week’s close: Settled at 22.872, down 0.055 on Friday and up 0.161 on the week

Gold and Silver futures face a pivotal week ahead with the Federal Reserve policy decision on Wednesday, surrounded by a deluge of data ranging from Chinese Manufacturing (Tuesday night) to Nonfarm Payroll (Friday). The Sunday night opening spike will provide a line in the sand that price action must chew through. A failure to hold the pivot and point of balance will work to erode what is developing as a potential positive market shift.

Bias: Neutral/Bullish

Resistance: 2051.4-2054.5, 2057.2-2061.2, 2070.7-2071.4

Pivot: 2042.9-2045.7

Support: 2036.1-2037.7, 2031.8, 2023.3-2026

Silver (March)

Resistance: 23.11-23.15, 23.23, 23.33 23.68-23.76

Pivot: 23.00

Support: 22.81-22.87, 22.74, 22.58-22.63, 22.38-22.42

Learn more about Bill Baruch at Blue Line Futures.