Crude oil is holding support as precious metals rally, states Bill Baruch, president of

Snapchat (SNAP) earnings after the bell yesterday brought the equity markets off their highs, bringing us back into a rebuilding phase. Today, the S&P 500 (SPX) took out Friday's settlement price, stopping at our second Major three-star Support, 3872. Are the markets expecting the Fed to take a less hawkish tone?

More SPR release rhetoric is coming out of the White House, but Crude Oil is remaining constructive. API after the bell, EIA tomorrow, could that be the catalyst to break out to contract highs? Metals are off to the races. Gold, Copper, Silver, ten-year Future, and the Yen are all showing Inverse Head and Shoulders, while the US Dollar is showing a Head and Shoulders.

Learn more about Bill Baruch at Blue Line Futures.