How to Navigate the Biggest Week Yet!

    Date:

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

    S&P, last week’s close: Settled at 4916.25, down 7.00 on Friday and up 46.75 on the week

    NQ, last week’s close: Settled at 17,527.00, down 107.50 on Friday and up 88.50 on the week

    Are the E-mini S&P and E-mini NQ developing bull-flag patterns? A constructive response to the first two tiers of support will encourage such a pattern to unfold, though price action will be increasingly fundamental as the week unfolds and is highlighted by mega-cap earnings, the Federal Reserve policy decision, and Nonfarm Payrolls.

    Bias: Neutral/Bullish

    Resistance: 4923.25-4926.50**, 4931.75-4934.25***, 4981-5000****

    Pivot: 4916.75

    Support: 4907.25**, 4895.25-4898.25**, 4889.25**, 4881-4884**, 4873.25-4875.25***, 4869.50***, 4859.75-4861.75**, 4845**, 4836.50-4841.50***, 4825.50-4826**, 4815.75-4817**, 4808.50-4811.75****

    NQ (March)

    Resistance: 17,626-17,640***, 17,679-17,695***, 17,765-17,794***, 17,996-18,000****

    Pivot: 17,527-15,545

    Support: 17,488-17,503**, 17,438**, 17,371-17,409***, 17,241-17,245***, 17,166-17,192***, 17,095-17,111****

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    Crude Oil (March)

    Last week’s close: Settled at 78.01, up 0.65 on Friday and 4.76 on the week

    Bias: Neutral/Bullish

    The Sunday opening spike in Crude Oil futures has not been retested and achieved a critical area of resistance. It would be prudent to monetize the three-session range breakout that tested the highest level since the November 30th spike.

    Resistance: 79.57-79.65***

    Pivot: 78.01-78.21

    Support: 77.41-77.64***, 76.31-76.70**, 75.83-76.06**, 75.08-75.29***

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    Gold (April) / Silver (March)

    Gold, last week’s close: Settled 2036.1, down 0.7 on Friday and 12.5 on the week

    Silver, last week’s close: Settled at 22.872, down 0.055 on Friday and up 0.161 on the week

    Gold and Silver futures face a pivotal week ahead with the Federal Reserve policy decision on Wednesday, surrounded by a deluge of data ranging from Chinese Manufacturing (Tuesday night) to Nonfarm Payroll (Friday). The Sunday night opening spike will provide a line in the sand that price action must chew through. A failure to hold the pivot and point of balance will work to erode what is developing as a potential positive market shift.

    Bias: Neutral/Bullish

    Resistance: 2051.4-2054.5**, 2057.2-2061.2***, 2070.7-2071.4***

    Pivot: 2042.9-2045.7

    Support: 2036.1-2037.7***, 2031.8**, 2023.3-2026***

    Silver (March)

    Resistance: 23.11-23.15***, 23.23**, 23.33** 23.68-23.76****

    Pivot: 23.00

    Support: 22.81-22.87***, 22.74***, 22.58-22.63***, 22.38-22.42***

    Blue Line Futures provides daily actionable research and a professional trade desk. Sign up for a Free Trial here.

    Originally Posted January 29, 2024 – How to Navigate the Biggest Week Yet!

    Disclosure: Blue Line Futures

    Futures trading involves substantial risk of loss and may not be suitable for all investors. 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. The information contained within is not to be construed as a recommendation of any investment product or service.

    Disclosure: Interactive Brokers

    Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

    This material is from Blue Line Futures and is being posted with its permission. The views expressed in this material are solely those of the author and/or Blue Line Futures and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

    Disclosure: Futures Trading

    Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

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