Are Negative Nuances Flushed? | Morning Express 05/13/22
Posted: May 13, 2022, 7:33 a.m.
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E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 3927.25, down 3.00
NQ, yesterday’s close: Settled at 11,947.25, down 22.50
- The S&P made a new session low to come within 10 points of 3846, which is a 20% correction from highs, and the top end of our rare major four-star support.
- NQ made late session low by 4 points and held 50% retracement back to pandemic low.
- For a change, selling was abated late in the session and rally ensued, led by Tech.
- We are keeping a close eye on QQQ/XLP for a relative strength thrust to confirm follow through.
- S&P and NQ are trading out above yesterday morning’s early failed high, and this is a positive; continuing to do so will leave the bulls in the driver’s seat on the session.
- We will take a more Bullish view with the S&P and NQ holding out above major three-star supports at 3927.25-3930.25 and 11,947-11,991
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NQ (June)
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Crude Oil (June)
Yesterday’s close: Settled at 106.13, up 0.42
- Strong and steady price action in Crude grinding back towards major 111.06-111.37 mark.
- Light at the end of the tunnel for Shanghai virus lockdowns helping underpin rally, aiming for mid-May.
- The stair climb on levels has worked terrific, look for major three-star support now at 104.80-105.08 to be line in sand holding renewed near-term uptrend.
- Bulls in driver’s seat on session and into next Tuesday’s option expiration as long as holding above 107.19-107.61.
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Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 1824.6, down 29.1
Silver, yesterday’s close: Settled at 20.773, down 0.802
- Talked about stepping to sidelines on Midday Market Minute.
- Massive levels of support for both Gold and Silver have been violated.
- Downtrend is real as U.S. Dollar breaks out.
- Gold and Silver must hold next levels of support for any chance of a near-term rebound to begin repair, major three-star supports at 1800-1810 and 20.00
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Crude Oil (June)
Yesterday’s close: Settled at 106.13, up 0.42
- Strong and steady price action in Crude grinding back towards major 111.06-111.37 mark.
- Light at the end of the tunnel for Shanghai virus lockdowns helping underpin rally, aiming for mid-May.
- The stair climb on levels has worked terrific, look for major three-star support now at 104.80-105.08 to be line in sand holding renewed near-term uptrend.
- Bulls in driver’s seat on session and into next Tuesday’s option expiration as long as holding above 107.19-107.61.
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