Is This The Start of Fresh Bull Leg? I Morning Express | 3/6/2023
Posted: March 6, 2023, 9:22 a.m.
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E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 4049.75, up 65.00 on Friday and 74.00 on the week
NQ, yesterday’s close: Settled at 12,311.25, up 249.25 on Friday, and 314.25 on the week
- On Friday, we said, “We are taking a more Bullish view, but it hinges on a close above 4003-4007 at a minimum and would increase to outright Bullish on a close above 4033-4034.25.”
- We are now outright Bullish while holding above 4033-4034.25 in the S&P and 12,253-12,276 in the NQ, targeting 4098.25-4100.25 in the S&P and 12,483-12,523 in the NQ.
- Regardless, we do believe if you are trading multiple positions, Friday’s strong close was a time to reduce slightly.
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NQ (March)
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Crude Oil (April)
Yesterday’s close: Settled at 79.68, up 1.52 on Friday and 3.36 on the week
Friday’s post-UAE reversal on not leaving OPEC+ and near-term range breakout now creates major three-star support at 77.96-78.23.
Despite buoyancy, we are not convinced near-term struggles are in the rearview mirror until a close above rare major four-star resistance at 81.93-82.90.
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Gold (April) / Silver (May)
Gold, yesterday’s close: Settled at 1854.6, up 14.1 on Friday and 37.5 on the week
Silver, yesterday’s close: Settled at 21.238, up 0.337 on Friday and 0.302 on the week
- On Friday, we said, “Similar to the S&P/NQ section, we are taking a more Bullish view, but this hinges on a close above major three-star resistance at 1852.5-1856.” The settlement was not decisive, but price action extended in electronic hours.
- We will continue to hold a more Bullish Bias, but as we noted in the S&P/NQ section if you are trading multiple positions, Friday’s strength was something to capitalize on at least slightly.
- ISM whipsaw lows will create first major three-star support, detailed below.
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Silver (May)
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