The market may be frothy and showing signs of exhaustion from a breadth perspective, but technical supports continue to hold and produce higher lows, asks Bill Baruch of BlueLineFutures.com.
E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 4962.00, down 18.25
NQ, yesterday’s close: Settled at 17,700.00, down 32.75
We also cannot ignore leadership from the majors; CAT and NVDA yesterday, LLY today, META, and AMZN Friday. With a mega-cap taking the baton daily during earnings season, the E-mini S&P and NQ have remained constructive against support.
Bias: Neutral/Bullish
Resistance: 4973, 4977.50-4981, 4996.25-5000, 5024-5034.25, 5091.75
Pivot: 4962-4964.25
Support: 4956-4858.75, 4941.50-4942.75, 3937.75, 4929-4931.75, 4925.75, 4916.25-4919.50, 4908-4909.75, 4897-4900.50, 4894.50-4895.50, 4874.50-4877.50, 4868.25-4870.50
NQ (March)
Resistance: 17,756-17,794, 17,996-18,000
Pivot: 17,684-17,717
Support: 16,673-17,676, 17,633, 17,554-17,563, 17,484-17,519, 17,645, 17,416-17,436, 17,385-17,414, 17,329, 17,236-17,285, 17,166-17,192, 17,102-17,111, 17,033-17,064
Crude Oil (March)
Yesterday’s close: Settled at 72.78, up 0.50
Crude Oil futures are attempting to build a base above 73.06 and doing so will help invite added buying. A close above Thursday's high-volume slam-down has created major three-star resistance at 73.78-74.13 and we believe a close above here turns the tape overall bullish.
Bias: Neutral/Bullish
Resistance: 73.78-74.13, 74.52, 75.08
Pivot: 73.06
Support: 72.48-72.57, 72.28, 71.58-71.79, 70.62-70.87
Gold (April) / Silver (March)
Gold, yesterday’s close: Settled at 2042.9, down 10.8
Silver, yesterday’s close: Settled at 22.422, down 0.374
Gold and Silver futures failed to continue flushing through midday each Friday and Monday after blowout-strong economic data, we could be witnessing sellers’ exhaustion which would help encourage a consolidation higher at minimum. However, continued U.S. Dollar strength is a real headwind to any sustained rally.
Bias: Neutral/Bullish
Resistance: 2044.2-2045.3, 2047.7-2049.6, 2056.8-2059.1, 2067.4-2071.42
Pivot: 2042
Support: 2037.6-2038.8, 2030.8-2031.8, 2023.3-2026, 2012.5-2016.7, 2007.4
Silver (March)
Resistance: 22.58-22.63, 22.73-22.79, 22.90, 23.01-23.05, 23.23-23.36, 23.45
Pivot: 22.42-22.48
Support: 22.32-22.34, 22.04-22.05, 21.75, 21.26-21.33
Learn more about Bill Baruch at Blue Line Futures.
