Morning Express
Posted: June 27, 2023, 8:39 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
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 4370.25, down 18.75
NQ, last week’s close: Settled at 14,856.50, down 201.75
E-mini S&P and E-mini NQ futures were weak all session Monday and were slammed to new lows into the close. Although neither has yet to revisit yesterday’s settlement prices, they have also been unable to sustain a rally attempt. All things considered, it’s been a quiet start to the session. Each must regain and hold above the Pivot and point of balance in order to separate from the week’s low and invite fresh buying at the onset of this seasonally bullish time of year. Overhead resistance for the E-mini S&P comes in the tune of yesterday’s early volume pocket at 4391 and the opening bell failure at...
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Crude Oil (August)
Yesterday’s close: Settled at 69.37, up 0.21
Crude Oil futures battled at $70 since the Sunday night open and fell out sharply at 4:00 am CT this morning. Price action sliced through the first support shelf at $69 and nearly traded down to major three-star support at 66.96-67.29. With the month winding down, we must remember that Saudi Arabia will begin cutting another 1 mbpd starting next week. Additionally, we may have seen a shift in Chinese policy last night to support the Yuan. These could be two very powerful tailwinds to Crude Oil and commodities broadly. As for today, the bulls must hold price action steady at and above our Pivot and point of balance at...
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Gold (August) / Silver (September)
Gold, yesterday’s close: Settled at 1933.8, up 4.2
Silver, yesterday’s close: Settled at 23.024, up 0.475
Gold and Silver futures are showing some life, but from such beaten down levels. All things considered, this slight rebound is coming from a necessary point, the 2011 high in Gold of 1911. Bulls must continue to defend this massive technical landmark as the fight unfolds through Nonfarm Payroll, CPI and the July Fed meeting. For now, continued price action out above first key support in Gold at...
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Silver (July)
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