Morning Express
Posted: June 9, 2023, 7:29 a.m.
Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets.
Went out to brokerage clients before the bell
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We have been saying the S&P is in a bull market for months, but it is now official after it closed 20% from the October low. However, it still faces our rare major four-star resistance as it attempts the next leg's breakout.
A divergence in Natural Gas (highlighted below) could be a precursor for a bull rally.
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Higher than expected Initial Jobless Claims subdued the rise in yields and sparked a Tech-led rally; Semis, Software, TSLA, AMZN, Healthcare, and Defensives performed best.
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China (dis)inflation data for May, CPI and PPI, was lower than expected overnight; CPI -0.2% m/m versus -0.1% expected, and +0.2% y/y versus +0.3%, with PPI at -4.6% y/y versus -4.3%, down from -3.6% in April.
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China New Loans data is due Sunday night / Monday morning; this is a commodity-moving release.
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Upcoming: U.S. CPI for May on Tuesday and Fed policy decision Wendesday.
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The CME's FedWatch Tool has a 25.1% probability the Fed hikes 25bps.
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E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 4298.25, up 24.00
NQ, yesterday's close: Settled at 14,503.00, up 171.50
We roll June to September on Tuesday.
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Crude Oil (July)
Yesterday’s close: Settled at 71.29, down 1.24
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Gold (August) / Silver (July)
Gold, yesterday’s close: Settled at 1958.4, down 23.1
Silver, yesterday's close: Settled at 23.529, down 0.141
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Silver (July)
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