Crude Oil (June)
Yesterday’s close: Settled 78.48, up 0.37
WTI Crude Oil futures continue the trend lower, eyeing a seventh straight lower high on today’s session. Price action must clear yesterday’s 79.09 in order to break the trend. However, we do have a well-defined range from 79.00 down to 77.91 which traded in less than five minutes yesterday upon reports...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5206.50, up 51.75
NQ, yesterday’s close: Settled at 18,195.50, up 194.75
E-mini S&P and E-mini NQ futures carried last week’s bullish tailwinds to close sharply higher on Monday. The E-mini S&P cleared major three-star resistance, a level specifically noted here yesterday, at...
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2331.2, up 22.6
Silver, yesterday’s close: Settled at 27.614, up 0.924
It is easy to get stuck in the forest and miss the trees. This is especially true when a trend turns violent. In such a pullback as sharp as we have seen across Gold and Silver futures it becomes ever-important as a risk...
Gold (June) / Silver (July)
Gold, last week’s close: Settled at 2308.6, down 1.0 on Friday and 38.6 on the week
Silver, last week’s close: Settled at 26.69, down 0.139 on Friday and 0.845 on the week
Gold and Silver futures turned higher upon China’s open last night at 8:00 pm CT. It is important to remember China was on holiday late last week, which means a...
Crude Oil (June)
Last week’s close: Settled 78.11, down 0.84 on Friday and 5.74 on the week
WTI Crude Oil futures have trended with a lower high for five straight sessions and while trading below first key resistance at 79.49-79.63, it is gearing for the sixth straight session since the April 26th peak. Price action has now tested major three-star support at...
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5154.75, up 63.25 on Friday and 23.25 on the week
NQ, last week’s close: Settled at 18,000.75, up 351.00 on Friday and 155.00 on the week
E-mini S&P and E-mini NQ futures are pointing higher on the heels of a strong finish to last week, supported by a strong earnings report from Apple and...
Key Developments:
The E-Mini Nasdaq 100 futures contract has had a rough month in April. Some of this correction was due to fears surrounding higher interest rates and persistent inflationary pressures. However, we believe most of the weakness had to do with other technology stocks that had reported earnings prior to META, GOOG, and MSFT.
ASML, a semiconductor...
Gold (June) / Silver (May)
Gold, yesterday's close: Settled at 2346.4, down 67.4
Silver, yesterday's close: Settled at 27.245, down 1.599
Gold and Silver futures have been bludgeoned. If yesterday was not enough, seconds were served last night. Gold is testing into a critical area of support at 2300-2308.5 in which the market must not only hold and respond...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday's close: Settled at 5047.50, up 43.75
NQ, yesterday's close: Settled at 17,350.00, up 169.25
E-mini S&P and E-mini NQ futures broke a streak of six losing sessions. Yesterday's rally was broad, with chips like NVDA and MU rebounding firmly, and banks having a day, but it all comes down to earnings before Core...
We've shifted our focus to the July futures contracts as the volume starts to increase there and decrease in May futures. May options expiration is this Friday, which means first notice day is next week. If you're in May futures, you may consider exiting or rolling those positions.
Corn
Technicals (July)
July corn futures have traded on both sides of...
Wheat
Technicals (May)
Wheat futures shot higher overnight but got stonewalled by what was previously trendline support (now resistance). A failure to close out above 550-555 keeps the Bear camp in control with a potential retest of the lows still in play. Further escalation in the Middle East could turn the tide back to Bullish.
Bias: Neutral/Bearish...
Soybeans
Technicals (May)
May soybean futures broke lower but found support at our 4-star support pocket which we've outlined in recent reports as 1128 1/2-1133 1/2. The Bulls need to see this pocket defended, a failure to do so could accelerate the selling pressure. Below this support pocket and prices are back in uncharted territory, the next support level...
Corn
Technicals (May)
May corn futures tested the low end of the range in yesterday's trade and have so far been able to defend it, with prices working back higher in the overnight and early morning trade. We still like the risk reward trade to the buy side from the low end of the range. A break and close support would neutralize that bias as it could put the...
Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2388.4, down 19.4
Silver, yesterday’s close: Settled at 28.40, down 0.024
Gold has traded fairly constructive on the week given Friday’s sharp reversal but the overhead supply resulting from this reversal is apparent at major three-star resistance at 2404.3-2408.5 and 2412.9-2414.8. A close...
Crude Oil (June)
Yesterday’s close: Settled at 82.15, down 2.68
June WTI Crude Oil futures are now front month and our levels are updated below. A sharp move, in this case the two-day drop, is not uncommon during times of roll and post option expiration as Crude Oil tends to cleanse positioning. With geopolitics front and center as the weekend approaches,...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5062.25, down 30.25
NQ, yesterday’s close: Settled at 17,658.50, down 222.25
E-mini S&P and E-mini NQ futures finished lower for the fourth session in a row. Most crucially, the S&P tested our rare major four-star support at 5044-5055, this pocket aligns multiple indicators as well as...
Soybeans
Technicals (May)
May soybean futures attempted to hold ground yesterday, but it lacked conviction. Prices are giving back those gains in today’s trade. 1155-1160 is the first resistance pocket the Bulls need to overcome to help spark a bigger relief rally. A failure to do so keeps the potential for new lows alive and well.
Bias:...
Corn
Technicals (May)
What more is there to say about the corn market that hasn’t been said already? The market remains range bound with daily ranges shrinking as of late, reminiscent of watching paint dry. The CME CVOL index which measures volatility remains near the low end of the years range. Typically, we start to see that increase this time of year, but...
