$SPY & $QQQ Analysis | Bill Baruch | Blue Line Futures | TD Ameritrade Interview | 5.6.22

Posted: May 6, 2022, 4:36 p.m.

From a technical perspective, $111.00 is a resistance level for Crude Oil. Based on rhetoric from Germany ramping up their storage facilities, Natural Gas continues to be a volatile asset to the upside.

As we head into the summer, in the US, Gasoline demand will remain strong. Shanghai being locked down could be considered as advantageous for China, as Crude Oil has remained strong. China is a permanent bid for all commodities.

The CME Micro Futures have enabled Blue Line Futures to remain long with risk adjusted exposure to the equity markets. The Fed has been very transparent, coming into the meeting with overly hawkish outside tones, and has been able to navigate the equity markets by diminishing the idea that 75bps are on the table.

BOE backing off from hiking combined with the OPEC meeting is giving a tailwind to Inflation. 4130 is a measured downside on the S&P 500. What does the Relative Strength of the $QQQ vs Consumer Staples mean for the future?

Precious metals have taken a hit lately, but Bill feels there is limited downside risk at these levels. Copper is building a base, as it is an industrial metal that is a bellwether for the general economy.

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