Crude Gets a Tailwind | Morning Express | 12/22/2022
Posted: Dec. 22, 2022, 8:30 a.m.
- Final Q3 GDP was better than expected this morning at +3.2% versus +2.9% on the second look. Both the Q3 GDP Price Index and Core Q3 PCE Prices were a tenth higher than expected at 4.4% and 4.7% respectively.
- Weekly Initial Jobless Claims bettered expectations at 216k vs 222k expected.
- Micron missed on earnings estimates and lowered guidance for the next quarter. The stock was -2% before indices took a broad leg lower on this morning’s economic data. It is now set to open -4.5%.
E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 3905.75, up 56.50
NQ, yesterday’s close: Settled at 11,334.50, up 158.75
- S&P tested 50-day moving average yesterday at 3917, today comes in at 3921.50
- Neither the S&P nor the NQ were able to cover last Thursday’s settlements at 3927.25 and 11,457. These levels align to create major three-star resistances in which a close above will allow price action to begin repairing the damage from late last week.
- Wave of weakness post-data may look to close gap from Tuesday’s settlement at major three-star support at 3844.75-3849.25 in the S&P and 11,158-11,181 in the NQ.
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NQ (March)
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Crude Oil (February)
Yesterday’s close: Settled at 78.29, up 2.06
- China plans to loosen quarantine controls for overseas travelers, helping to underpin energy demand landscape, boosting WTI to a test of $80.
- Yesterday’s EIA report was headline bullish -5.894 mb Crude despite a 3.647 mb release from SPR. Gasoline's +2.53 mb was in line with expectations.
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Gold (February) / Silver (March)
Gold, yesterday’s close: Settled at 1825.4, unchanged
Silver, yesterday’s close: Settled at 24.194, down 0.077
- Tepid price action yesterday at Monday’s high which aligned with the high from one week ago, although this was not outright bad action.
- Stronger than expected economic data this morning, highlighted above, bringing waves of selling.
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Silver (March)
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