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Stock & Commodity Technical Analysis | Midday Market Minute | 4.19.22

Posted: April 19, 2022, 1:03 p.m.

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Major 3 Star Support on the S&P (4363) held very well after the selloff we saw from Sunday's open. 4455 is a level of resistance, as pointed out in our Daily Research Morning Express!

Crude Oil is leading the commodity sell off (Down $5.50), which is a tailwind for equities. If we close above $103, we would consider today's move a healthy consolidation, opening the door for some buyers.

More notably, the 10 year note is straddling 2.9%, with the 2/10 curve steepening. Gold and Silver are in the same boat as Crude, looking towards the close to solidify support levels to confirm consolidation.

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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