E-mini S&P (June) / E-mini NQ (June)

S&P, yesterday’s close: Settled at 5331.75, up 4.50

NQ, yesterday’s close: Settled at 18,763.00, up 127.75

Tech started the week off strongly with E-mini NQ futures notching a gain of +0.7% to the E-mini Dow’s loss of -0.5%. Chips led with usual suspects like NVDA and MU having banner sessions and the Semiconductor Equipment space, KLAC, AMAT, and LRCX also doing the heavy lifting. As for the E-mini Dow, more stocks fell than not, but the downside was led by JPM on news CEO Jamie Dimon is closing in on retirement. After the bell yesterday, PANW missed guidance and is down about -8.0%, while LOW topped estimates this morning and is up more than +1.0%. The first half of the week culminates into NVDA’s earnings Wednesday after the bell, but between now and then a barrage of Fed speak continues to hit the tape with Fed Governor Waller, Richmond Fed President Barkin, NY Fed President Williams, and Atlanta Fed President Bostic all set to have comments hit the tape in the 8:00 am CT hour.

E-mini S&P futures eked out a small gain yesterday, and struggled at what was key resistance at 5343.25-5349 for the second session in three, this is now adjusted to major three-star resistance. Similar overhead resistance has been adjusted in the E-mini NQ to align with yesterday’s new all-time high, now coming in at 18,761-18,795. With things consolidating buoyantly to start the week, we will look for continued price action above our Pivot and point of balance through the first hour after the opening bell to set a tone leading to new record highs. In the case of a bit more volatility, a firm response to first key support will keep that buoyancy on track.

Bias: Bullish/Neutral

Resistance: 5336.75*, 5343.25-5349***, 5400-5420.25***, 5459.75-5474.25***

Pivot: 5331.75-5333.75

Support: 5323.75-5327.25**, 5312.75-5315.75**, 5303.25-5308.50****, 5286.75-5292.75***, 5269.50-5274.25****

NQ (June)

Resistance: 18,761-18,795***, 18,825***, 19,085***, 19,319***

Pivot: 18,707-18,732

Support: 18,620-18,635***, 18,532-18,547***, 18,446-18,485***, 18,415**, 18,336-18,371****

Crude Oil (July)

Yesterday’s close: Settled 79.30, down 0.28

WTI Crude Oil futures started the week unenthusiastically with a failure at the psychological $80 mark that aligns with a key .382 retracement and fell short of pinging the 50-day moving average. OPEC+ instability was downplayed after the death of the Iranian President on Sunday, while prices have been in a downtrend since peaking on geopolitical tensions through mid-April, and seasonality concerns persist after the Memorial Day holiday. While we still see value against our critical area of support highlighted below, a continued test erodes confidence.

Bias: Neutral/Bullish

Resistance: 78.59-78.76**, 78.99*, 79.35-79.67**, 80.09-80.11***, 81.28***

Pivot: 78.25

Support: 77.65-77.86***, 77.26**, 75.70-76.36****

Gold (June) / Silver (July)

Gold, yesterday’s close: Settled at 2438.5, up 21.1

Silver, yesterday’s close: Settled at 32.426, up 1.167

Gold and Silver futures each set a fresh record high on Monday and have since consolidated in a large range, which is to be expected. This range is now well defined with major three-star resistance in Gold at 2448.8-2454.2 and Silver at 32.58-32.75; a failure to move out above here could certainly encourage some profit taking, but it also does not have to happen today. To the downside, a soft tape early yesterday and overnight has defined support to be 2408.5-2411.1 in Gold and 31.11-31.28 in Silver. While we do see a number of significant levels of support below here, a range extension to the downside would encourage a consolidation that could last over a number of sessions.

Bias: Bullish/Neutral

Resistance: 2436.9-2441.5**, 2448.8-2454.2***, 2494***

Pivot: 2426-2431.5

Support: 2417.4**, 2408.5-2411.1***, 2400**, 2391.7-2395.5***, 2385.3-2389.6***, 2375.2-2377.8***

Silver (July)

Resistance: 32.34**, 32.58-32.75***, 34.12***

Pivot: 31.69-31.85

Support: 31.11-31.28***, 30.73-30.79***, 30.39-30.43**, 30.00-30.19****

Micro Bitcoin (May)

Yesterday’s close: Settled at 70,435, up 3,070

Bias: Neutral/Bullish

Resistance: 71,500-71,935***, 74,100**, 75,795-76,200***

Pivot: 70,435-70,840

Support: 69,945**, 68,829**, 67,365-68,035***, 66,280-66,535**, 65,445***

Connect with Bill: https://bluelinefutures.com/2023-signup/?utm_source=Bill-Baruch-Barchart 

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