- Fed Chair Powell boosted risk-assets on Friday; a taper coming this year but does not correlate with a rate hike. Read Sunday’s Top Three Things to Watch this Week, with a Jackson Hole recap.
- Hurricane Ida pummels Louisiana, shutting down power, refining capacity, and a disruption through the Mississippi River.
- U.S. Dollar Index at a two week low on heels of Powell and ahead of data heavy week; PMIs/ISMs and Jobs.
- China Manufacturing PMI due at 8:00 pm CT tonight, expected at 50.2, slowest since February 2020.
E-mini S&P (September) / NQ (Sept)
S&P, last week’s close: Settled at 4505.50, up 39.00 on Friday and 68.50 on the week
NQ, last week’s close: Settled at 15,426.50, up 151.75 on Friday and 339.75 on the week
- Can ‘friendly Friday’ follow though on ‘turnaround Monday’? Last week certainly did
- Momentum indicators are rising to align with settlement and previous resistance for each S&P and NQ as our Pivots today; continued action above here is Bullish
- Strong support aligns at Thursday’s settlements and Friday’s opening bell lows; S&P 4473.75 as well as 4462.50-4466.50 and NQ at 15,255-15,280 with major three-star below at 15,124-15,150; these are a line in the sand on the week.
Resistance: 4525.75***, 4540.25-4543.50***
Support: 4498-4500**, 4492.25**, 4473.75**, 4462.50-4466.50***, 4454.25**, 4434-4437***
Resistance: 15,458**, 15,490-15,500**, 15,634***
Support: 15,358**, 15,255-15,280**, 15,124-15,150***, 15,086**, 14,997-15,001***
Crude Oil (October)
Last week’s close: Settled at 68.74, up 1.32 on Friday and 6.60 on the week
- Tremendous damage left behind from Hurricane Ida. However, prices of Crude and Natural Gas tend to rise into impact but recede immediately. Not only a buy the rumor, sell the news, but because of the reduced demand with power outages and evacuations.
- Crude and Natural Gas spiked on the open both left spinning tops on the hourly. Already has had a bearish impact on prices, but a failure to retake this level today would leave door open for continued weakness.
- Pivot and point of balance encompass our momentum indicator
- Today’s low was met with strong major three-star support at 67.42-67.77
Resistance: 69.02-69.39**, 69.64-69.79***
Support: 67.42-67.77***, 66.62-66.92**, 66.00**, 65.64-65.69***
Gold (December) / Silver (December)
Gold, last week’s close: Settled at 1819.5, up 24.3 on Friday and 35.5 on the week
Silver, last week’s close: Settled at 24.11 up 0.514 on Friday and 0.95 on the week
- Gold highest close since August 2nd.
- Silver outside bullish close on Friday, but still faces major three-star resistance from the August 6th scene of the crime.
- Pivot and point of balance are our momentum indicators for each
- Major three-star support are previous resistance; continued action above here supports Friday’s move.
Resistance: 1822.5**, 1835-1840***
Support: 1808.9***, 1798-1801.5**, 1791.4**, 1780-1784***
Resistance: 24.24-24.38***, 24.68-24.85***, 25.64***
Support: 23.80-23.88***, 23.30-23.42***
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