June Quadruple Witching | Morning Express 06/17/22
Posted: June 17, 2022, 8:04 a.m.
- Today is Quadruple Witching. Futures and options on futures for the June contract will expire on the opening bell at 8:30 am CT.
- Fed Chair Powell speaks at 7:45 am CT, delivering opening comments at a conference on the role of the U.S. Dollar.
- Look for comments from other Fed committee members, now out of the blackout period.
- Japanese Yen is clobbered by 2% after the Bank of Japan does not tighten policy. In fact BoJ Governor Kuroda said the bank is ready to ease policy further, there is heightened uncertainty over the economic and financial outlook, as the look to attain price stability (inflation) target of 2%, accompanied by wage growth.
- U.S. Dollar rebounds by nearly 1% from the depths of a rollover.
- U.S. 10-year yield is hovering around 3.2%, off yesterday’s high of 3.495%, the week’s high of 3.497%. Started the week at 3.159%. The May high before falling was 3.203%.
- Industrial and Manufacturing Production due at 8:15 am CT.
- Do not miss our daily Midday Market Minute, from yesterday.
E-mini S&P (September) / NQ (September)
S&P, yesterday’s close: Settled at 3671.25, down 122.25
NQ, yesterday’s close: Settled at 11,157.25, down 471.75
- Unchanged on the session brings major three-star support at 3671.25 in the S&P and 11,157 in the NQ.
- Decisive price action at and above the Pivot and point of balance will help encourage strength to clear major three-star resistance directly overhead.
- A failure to clear this overhead resistance will leave the market vulnerable to selling as the session unfolds.
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NQ (September)
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Crude Oil (August)
Yesterday’s close: Settled at 115.25, up 2.16
- Tightness of Demand (outstripping) Supply characterizes the week. However, a somewhat negative EIA report and SPR release has kept price action very contained.
- A hold of first key support will encourage higher prices into today’s close.
- Strong major three-star resistance, referenced in the Midday Market Minute, slowed buying overnight.
- Rebound remains intact while holding out above major three-star resistance at 112.78-113.09.
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Gold (August) / Silver (July)
Gold, yesterday’s close: Settled at 1849.9, up 30.3
Silver, yesterday’s close: Settled at 21.885, up 0.465
- Terrific session yesterday for the metals, but still a lot of work to do. Discussed in yesterday’s Midday Market Minute.
- U.S. Dollar Index on the rebound, holding metals back from added gains.
- Look for constructive action at and above out Pivot and point of balance as the session unfolds in order to drive higher prices.
- Do not want to see a break below major three-star supports, will signal a failure, at 1834.8-1838.5 in Gold and 21.22-21.32 in Silver.
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Silver (July)
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