E-mini S&P (March) / E-mini NQ (March)
S&P, last week’s close: Settled at 4869.50, up 58.25 on Friday and 53.00 on the week
NQ, last week’s close: Settled at 17,438.50, up 328.50 on Friday and 469.25 on the week
Today will help answer whether Friday’s big option expiration breakout is true, has legs, or was only an options flow move. We want to see the E-mini S&P hold out above Friday’s settlement at 4869.50 and the rally broaden with the E-mini Russell joining the party, closing above resistance at 1978 and eventually above the 50% retracement ceiling at 2000.9
Bias: Bullish/Neutral
Resistance: 4894.75***, 4911.25-4918.25***
Pivot: 4873.25-4874.50
Support: 4869.50***, 4859.75**, 4836.50-4841.50***, 4825.50-4826**, 4815.75-4817**, 4808.50-4811.75****, 4795-4797.50**, 4779.50-4783.50**, 4767.50-4772.75***
NQ (March)
Resistance: 17,581***, 17,679***, 17,996-18,000****
Pivot: 17,482-17,500****
Support: 17,416-17,438***, 17,361-17,385**, 17,245***, 17,166-17,192***, 17,095-17,110****, 17,023-17,057**, 16,942-16,980***, 16,843-16,885****
Crude Oil (March)
Last week’s close: Settled at 73.25, down 0.70 on Friday and up 0.46 on the week
March Crude Oil futures must hold above 73.40-73.75 in order to keep a more Bullish tone, whereas a break below major three-star support at 72.10-72.27 will signal a failure.
Bias: Bullish/Neutral
Resistance: 74.44-74.77**, 75.30-75.71***, 76.31-76.71***
Pivot: 73.40-73.75
Support: 72.99-73.28***, 72.10-72.27***, 71.25-71.52***
Gold (February) / Silver (March)
Gold, last week’s close: Settled 2029.3, up 7.7 on Friday and down 22.3 on the week
Silver, last week’s close: Settled at 22.711, down 0.096 on Friday and 0.618 on the week
Silver futures have been trading at the lowest close since October 6th. There must be a response to that level at 22.05, or it will continue to pull down the entire complex. Ultimately, a close above 2040.3-2043.3 in Gold is needed to secure a stronger tone that can force Silver to shake off the sellers.
Bias: Neutral/Bullish
Resistance: 2032.5-2034.6**, 2040.3-2043.3***, 2048.9-2051.4***, 2062.4-2067.3***
Pivot: 2028
Support: 2019.4-2021.6***, 2004.6-2009.1***, 1987.9-1997.3****
Silver (March)
Resistance: 22.37-22.41**, 22.52-22.63***, 22.73-22.78**, 22.95-23.02***
Pivot: 22.26
Support: 22.05***, 21.75-21.89***
Bill Baruch, President & Founder, Blue Line Futures
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