Price action in the E-mini S&P and E-mini NQ is soft but near unchanged on the session, as they digest last week’s run-up, states Bill Baruch of

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

S&P, yesterday’s close: Settled at 4185.75, down 2.75
NQ, yesterday’s close: Settled at 13,306.75, down 13.50

Technicals: Continued price action below our Pivot and point of balance in the S&P, which aligns with our momentum indicator, and is detailed below, will carry yesterday’s soft close into the early part of today’s session. The NQ is also running up against a strong ceiling of major three-star resistance at 13,297-13,329, which has been adjusted to align with settlements. Until we see a decisive close above this level, a consolidation at a minimum will continue. With that, a healthy consolidation is warranted. However, we want to see the S&P hold out above major three-star support.

Crude Oil (June)

Yesterday’s close: Settled at 76.78, 75.66, down 1.12

Technicals: Crude Oil has responded at a critical level of major three-star resistance at 73.89-73.98 at each of the last two intraday opens. Although this encourages a floor that price action should respond to, rally attempts have been tepid; Friday’s rally was surrendered even before US hours yesterday. This creates strong overhead resistance, highlighted below. If that aforementioned floor of support breaks, it opens the door to our next major three-star support level.

Gold (June) / Silver (July)

Gold, yesterday’s close: Settled at 1992.2, down 6.9
Silver, yesterday’s close: Settled at 25.23, up 0.004

Technicals: Gold and Silver ripped higher early yesterday but reversed sharply in thin holiday trading (much of the globe, outside the US celebrated Labor Day). Weighing heavily on the tape was stronger than expected ISM Manufacturing, which we covered in yesterday’s Midday Market Minute. Given the reversal, we are back to retesting supports reaffirmed by last week’s rebound. Although neither broke last week’s low yesterday, Silver’s reversal is more pronounced due to the tail. With the US Dollar strengthening, we point to yesterday’s piece, ahead of tomorrow’s FOMC decision: ‘Buy in May, Is This Bull Market Here to Stay?’ The rematch is set.

Learn more about Bill Baruch at Blue Line Futures.