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Neutralizing the Damage in Stocks and MetalsBill Baruch joined the CNBC Halftime Report Monday to detail adding to two names.E-mini S&P (June) / E-mini NQ (June)S&P, yesterday's close: Settled at 5047.50, up 43.75 NQ, yesterday's close: Settled at 17,350.00, up 169.25 E-mini S&P and E-mini NQ futures broke a streak of six losing sessions. Yesterday's rally was broad, with chips like NVDA and MU rebounding firmly, and banks having a day, but it all comes down to earnings before Core PCE. Although the market will no longer depend on TSLA, which reports after the bell, this week's calendar is stacked. Coming into yesterday, we had 5074.75-5078.75 as a major three-star resistance mark in the E-mini S&P, and a critical inflection point where the selling picked up later in the week; E-mini S&P futures must close above here in order to take the first step in neutralizing some of the selling. In the E-mini NQ, we have a similar mark at 17,517-17,552. Bias: Neutral/Bullish Resistance: 5058-5062.25**, 5074.75-5078.75***, 5095.25-5097**, 5101.50-5104.75***, 5119-5123.25*** Pivot: 5047.50 Support: 5040.75**, 5032-5034.25***, 5025.25**, 5019.25**, 5001.50-5006***, 4991.25-4994.25****, 4983.50**, 4963.50-4971.50** NQ (June)Resistance: 17,422-17,448**, 17,517-17,552***, 17,615-17,648**, 17,723-17,746*** Pivot: 17,331-17,350 Support: 17,234-17,273**, 17,148-17,182****, 17,106-17,114*** Crude Oil (June)Yesterday's close: Settled 81.90, down 0.32 Crude Oil futures are under pressure this morning after failing at major three-star resistance defined around the $83 mark. While we remain upbeat in the intermediate to longer-term, rally attempts of late have had little fuel. The bulls must reaffirm support in order to garner renewed momentum. Bias: Neutral Resistance: 81.75-81.86**, 82.11-82.22***, 82.87-83.17***, 83.44-83.75***, 84.07-84.47**, 85.24-85.64*** Pivot: 81.90 Support: 80.78-81.11***, 80.12***, 78.80-79.02***, 78.01-78.43 Continue Reading here: Neutralizing the Damage in Stocks and Metals - Blue Line Futures Connect with Bill Baruch: https://bluelinefutures.com/2023-signup/?utm_source=Bill-Baruch-Barchart Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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