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

S&P, yesterday’s close: Settled at 4820.25, up 27.25

NQ, yesterday’s close: Settled at 17,023.00, up 83.25

E-mini S&P futures joined the party and closed out above its previous record high of 4808.25, while the rally continues to feed on itself in the E-mini NQ, closing above 17,000 for the first time. The landscape is pretty simple here; volatility could pick up as we trade into and around the Christmas holiday, and a pullback of some degree becomes likely. What matters is a constructive response to our first area of major three-star support, aligning with yesterday’s opening bell surge at 4796.50 in the E-mini S&P and 16,937-16,944 in the E-mini NQ.

Bias: Bullish/Neutral

Resistance: 4820.25-4824.25**, 4873.25**, 4956.50***

Pivot: 4808.25

Support: 4800-4802.25**, 4796.50***, 4788**, 4780.25-4783.25**, 4758.50-4764.25***, 4738.50-4746.25***, 4707.25****, 4696.25-4699***

NQ (March)

Resistance: 17,000-17,023**, 17,245***, 17,493-17,500****

Pivot: 16,974-16,980

Support: 16,937-16,944***, 16,855-16,887**, 16,753-16,780***, 16,670**, 16,590-16,628***, 16,531-16,548**, 16,465-16,467**, 16,396-16,412***

Crude Oil (February)

Yesterday’s close: Settled at 73.94, up 1.12

Crude Oil hit its highest since December 1st. The move comes ahead of today’s EIA weekly data, on the heels of shipments being diverted from the Red Sea due to Houthi attacks, and potentially stoked by stronger-than-expected Consumer Confidence data this morning. This could lead to a geopolitical bid into the long Christmas holiday. From a technical perspective, we will view the tape as bullish while holding out above major three-star support at 74.08-74.19.

Bias: Bullish/Neutral

Resistance: 75.70-76.05***, 78.10***

Pivot: 74.79

Support: 74.42-74.62**, 74.08-74.19***, 73.61-73.86**, 72.43-72.82***

Gold (February) / Silver (March)

Gold, yesterday’s close: Settled at 2052.1, up 11.6

Silver, yesterday’s close: Settled at 24.321, up 0.214

Gold led the tape yesterday, and now it’s Silver’s turn. However, given yesterday’s strength, it is a bit concerning that Gold could not take out its post-FOMC high. Furthermore, Consumer Confidence came in hot at 110.7 versus 103.8. On a positive note, Silver is reaching its highest since December 5th. We have increased our Bullish Bias as long as the path remains constructive, and this means holding out above major three-star support in Gold at 2034.2-2035.7 and in Silver at 24.24-24.32. Additionally, a new low on the week will signal a near-term failure.

Bias: Bullish/Neutral

Resistance: 2057.2-2061.1**, 2069.5-2070.1***, 2089.7***

Pivot: 2048-2051.5

Support: 2041-2043.1**, 2034.2-2035.7***, 2029.2**, 2024-2025.4***, 2016.5-2018.5***, 2012.5**, 1993.7-1997.4***

Silver (March)

Resistance: 24.80-24.98***

Pivot: 24.52-24.56***

Support: 24.24-26.32***, 24.01-24.10***, 23.75-23.78***, 23.54-23.61***

Bill Baruch, President & Founder, Blue Line Futures

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