Does Lumpy Data Mean More Hikes? | Morning Express | 05/18/23 |
Posted: May 18, 2023, 9:13 a.m.
Bill Baruch and Oliver Sloup look at Wheat and Gold in the latest Trade It Or Fade It! |
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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 4171.50, up 48.50
NQ, yesterday’s close: Settled at 13,643.50, up 160.25
The E-mini NQ continues to trade in breakout mode and has set a new high for six of the last seven sessions (including today). However, the E-mini S&P ran into a wall of major three-star resistance that coincided with better economic data this morning. The strong data has revved up the U.S. Dollar and yields, weighing on all indices ahead of the opening bell. If the tape were to remain the most constructive, it would hold out above first key supports, highlighted below. In the case of added weakness, it would be crucial for the E-mini S&P and E-mini NQ to hold and respond to major three-star supports at...
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Crude Oil (June)
Yesterday’s close: Settled at 72.89, up 2.05
Yesterday’s EIA report was not headline bullish, but Crude Oil gained 2.78%. The White House released another 2.4 mb from the SPR which slightly offset the headline build in Crude of 5.04 mb versus -0.92 mb. With the market aware the White House will reverse course on the SPR release, the release was removed within some forecasting models. Additionally, comments from Russian President Putin yesterday morning on output cuts helped spark positive momentum. Still, price action has not been able to clear rare major four-star resistance, highlighted below. Today’s pullback would be the most constructive holding first key support at...
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Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 1984.9, down 8.1
Silver, yesterday’s close: Settled at 23.897, up 0.004
Gold broke through a floor of support yesterday at ...
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Silver (July)
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