Bill Baruch, president and founder of Blue Line Futures, previews E-mini S&P, Gold, Crude, Forex and Treasury markets and today’s economic report calendar. Follow his reports Monday-Friday on MoneyShow.com and short Midday Markets video.
Bill Baruch’s Midday Market Minute short video for Nov. 19 here.
What to look for in the shortened trading week.
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E-mini S&P (December)
Last week’s close: Settled at 2743, up 8.50 on Friday and down 36.00 on the week.
Fundamentals: U.S. benchmarks opened lower as tensions on the U.S.-China trade front took a turn for the worse on Sunday. The APEC Summit failed to agree on a joint statement for the first time after Vice President Pence and Chinese President Xi exchanged barbs in their respective speeches Saturday. Still, the S&P (SPX) held an opening low of 2728.75 and recovered upon European hours to a high of 2748. With a lower high than Friday, those gains have dissipated as trade weighs on sentiment and Apple (AAPL) is down 1.5% after announcing it cut iPhone production due to weaker than expected demand.
Speaking of weak demand, keep an eye on the chip-sector after NVIDIA (NVDA) lost 18.76% on Friday, it is down 1.5% premarket. U.S and China trade is not the only narrative front and center.
In Sunday’s Tradable Events this Week we reminded traders that the Dollar left a tail on the weekly candle after failing to confirm a breakout. A slight shift in the Federal Reserve’s hawkish rhetoric has had a large hand in such coupled with a soft response so far from the EU on Italy’s budget ahead of Wednesday. With a light economic calendar today, NY Fed President Williams stands out, he speaks at 10:45 am EDT.
Technicals: This morning, the market sits right in our ...
Crude Oil (January)
Last week’s close: Settled at 56.68, unchanged on Friday and 3.68 on the week.
Fundamentals: Today, the untradeable December Crude contract settles at 2:30 pm EDT and this typically encourages volatile swings. With strong technical resistance overhead sticking, Crude Oil began slipping earlier this morning after Russian Energy Minister Novak implied that no concrete decision on cutting production has been made. Although reports saying it’s not a “done deal” are pressuring the market, all signs point to an OPEC and non-OPEC coordinated cut of 1 to 1.4 mbpd at the December 6 meeting.
Tensions on the U.S-China trade front are weighing on Crude Oil as the session gets underway. Lastly, signs do point to this week’s EIA inventory report breaking the streak of eight straight Crude builds, a key component in finding a bottom.
Technicals: Crude Oil has stalled directly at first key resistance at ...
Gold (December)
Last week’s close: Settled at 1223, up 8.0 on Friday and up 14.4 on the week.
Fundamentals: The Dollar’s (USD) weakness on what we characterized in our Tradable Events this Week as a “chink in the Fed’s hawkish armor” has certainly boosted Gold. The tape is quiet and consolidating at the 100-day moving average this morning. Bulls want to be cautious as Treasury prices are moving lower and an uptick in tensions between the U.S. and China on trade could weaken the Chinese yuan and thus Gold. The economic calendar is quiet, and we look to NY Fed President Williams at 10:45 am EDT.
Technicals: Gold is Bullish, and we have been and are unequivocally such, especially over the longer-term. However, traders do want to be ...
View a short video: Bill Baruch: Trading Futures. Gold, USD, yuan.
Recorded: TradersExpo Chicago July 24, 2018.
Duration: 4:34.
