- Q3 GDP, second look, Durable Goods, Jobless Claims due at 7:30 am CT
- Fed’s preferred inflation indicator released early ahead of holiday, appears to be 9:00 am CT instead of usual time at 7:30 am CT.
- Final Michigan Consumer data and New Home Sales due at 9:00 am CT
- Release of FOMC Minutes from meeting earlier this month at 1:00 pm CT.
- ECB released Minutes tomorrow morning at 6:30 am CT.
E-mini S&P (December) / NQ (December)
S&P, yesterday’s close: Settled at 4688.50, up 8.75
NQ, yesterday’s close: Settled at 16,312, down 70.00
- Major three-star resistance at 4690-4694.50 has held perfectly; close above here is needed to neutralize this wave of weakness.
- We will hold Neutral/Bullish until close back above this major three-star resistance
- Major three-star support at 4642-4643, aligning with the November 12th opening bell surge has staved off selling. New floor? Break below would be negative and begin a battle at rare major four-star support at 4620-4627 through the end of week.
- Inverse head and shoulders off first key support at ... Click here to get our (FULL) daily reports emailed to you!
Crude Oil (January)
Yesterday’s close: Settled at 78.50, up 1.75
- Crude had its best day in two weeks after the White House announced a plan to release 50 mb from the SPR. Who would have thought? Policy this poor will almost certainly bring $100 in 1H, barring a serious fourth wave of Covid. They are hindering/discouraging U.S. production, have given unlimited power to OPEC+ (Saudi Arabia and Russia) and China to control the price of Crude Oil, and now used dry powder to no effect.
- EIA due at 9:30 am CT, expectations for -0.481 mb Crude, -0.461 mb Gasoline, -1.002 mb Distillates.
- Continued action at and above our Pivot, aligns with our momentum indicator, is very bullish. Comes in at ... Click here to get our (FULL) daily reports emailed to you!
Gold (December) / Silver (December)
Gold, yesterday’s close: Settled at 1783.8, down 22.5
Silver, yesterday’s close: Settled at 23.435, down 0.862
- For new long-term positions, begin using February Gold and March Silver. We will send updated levels on Monday. Currently $2.5 premium in Gold and $0.05 premium in Silver.
- U.S. Dollar extending gains ahead of economic data slate at 7:30 am CT.
- After bloodbath, major three-star supports are holding so far at 1781.6-1785.3 and 23.45-23.49; could lead to dead cat bounce if more favorable fundamental shift today with data miss or FOMC Minutes and Dollar lower.
- From yesterday: Tremendous overhead damage, unless there is a major fundamental shift, Gold and Silver are likely toast until bullish seasonal second half of December; fade the rip market.
- Continued action below momentum indicators, denoted as our Pivots is negative.... Click here to get our (FULL) daily reports emailed to you! Bias:
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Futures trading involves 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.