Line In the Sand Is Drawn

By:

President of Blue Line Futures

Bill Baruch joined the TD Ameritrade network to kick off Friday morning and discuss markets broadly. Do not miss it!

– Quadruple Witching is today. Futures and futures options expire at 8:30 am CT.

– Noted on Tuesday’s Morning Express: After May’s CPI data in June, it took the S&P five sessions (including CPI day) to bottom out. Five days takes us to Monday, which is the Monday after Quadruple Witching. Mondays after Quad have brought some of the most historic bottoms in the market; December 2018 and March 2020, to name two. Additionally, the days around Quad have marked many turning points, such as March and June of this year.

– FedEx is -20%, issued a profit/revenue warning and plans to close 90 locations after the bell yesterday. Cratered an already negative tape.

– Slate of Chinese economic data last night for September marginally beat expectations and improved from July, highlighted by Industrial Production and Fixed-Asset Investment.

– Fresh Michigan Consumer data for September due at 9:00 am CT.

– U.S. 10-year yield hit a hit of 3.484% overnight, a shade under June 14th 3.497%

– U.S. 2s-10s retesting monumental low of -0.50bps, chart below. Click here to get our (FULL) daily reports emailed to you!

The U.S 2s10s spread is retesting a historic line in the sand.

The U.S 2s10s spread is retesting a historic line in the sand.

S&P futures daily chart. The breakdown into Quad Witching is clear, but there is support to eye early next week.

S&P futures daily chart. The breakdown into Quad Witching is clear, but there is support to eye early next week.

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

S&P, yesterday’s close: Settled at 3919.25, down 46.25

NQ, yesterday’s close: Settled at 12,007.50, down 214.75

Bias: Neutral/Bearish

Resistance: 3900-3905***, 3918.50-3919.25****, 3927,25-3931.25***, 3946-3952**, 3965**, 3979.50-3981.25****

Support: 3883.50-3886.75**, 3850.25***, 3810.25-3817.25***

NQ (Dec)

Resistance: 11,979-12,036***, 12,150-12,161**, 12,222-12,253***, 12,337**, 12,478-12,534***

Support: 11,838-11,872**, 11,769***, 11,555-11,594***

Click here to get our (FULL) daily reports emailed to you!

Crude Oil (October)

Yesterday’s close: Settled at 85.10, down 3.38

Bias: Neutral

Resistance: 86.16-86.28***, 87.24**, 88.13**, 89.43-90.39****, 91.37-91.64***, 93.77**

Pivot: 85.06-85.37

Support: 84.27-84.53**, 83.54-83.66**, 82.63-82.93***, 81.71-81.94****, 78.49-78.65***, 75.21***

Click here to get our (FULL) daily reports emailed to you!

Gold (December) / Silver (December)

Gold, yesterday’s close: Settled at 1677.3, down 31.8

Silver, yesterday’s close: Settled at 19.269, up 0.30

Bias: Neutral/Bearish

Resistance: 1690-1696***, 1707.8**

Pivot: 1676

Support: 1665.7-1673.7***, 1647**, 1631.9***

Silver (Dec)

Resistance: 19.12-19.39***, 19.57-19.63**, 20.00*** Support: 18.70-18.83***, 18.24-18.39***, 17.90-18.01***

Originally Posted September 16, 2022 – Line In the Sand Is Drawn

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