Last week, ES (S&P 500 futures) stabilized and rebounded, but met resistance near the zone highlighted in our earlier futures market commentary (around 20530 for NQ, below 5845 for ES, and below 2145 for RTY). We’ve repeatedly emphasized that this is merely a rebound—not yet a reversal. Markets are born in despair, grow in hesitation (which is where we are now), and end in euphoria. It’s essential to create a trading plan in advance and patiently wait for key support and resistance levels before taking action.
Equity Index Futures – Key Levels
• ES (M25)
• Support: 5762, 5662
• Resistance/Targets: 5845, 5892
• YM (M25)
• Support: 42210, 41920
• Resistance/Targets: 43250, 43420
• NQ (M25)
• Midpoint: 20130
• Support: 19950, 19710
• Resistance/Targets: 20530 (yesterday’s high: 42536), 20810
• RTY (M25)
• Support: 2061
• Resistance/Targets: 2145, 2172
Daily trend remains favoring long trades on pullbacks to support. The past two weeks offered the first strong medium-term long positioning opportunity of 2024.
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Commodities
• Gold (GC J25)
• Recently rejected near 3065, pulled back to the 300X area and rebounded.
• While the trend remains strongly bullish and favors buying on dips, caution is advised for potential high-level consolidation or pullbacks (we’ve already seen several sharp ones).
• Support: 3001, 2981
• Strong resistance: 3065
• Crude Oil (CL K25, May contract)
• Continues its rebound; strategy remains to buy on support.
• Support: 67.85
• Target/Resistance: 72.1
• Natural Gas (NG J25)
• Pulled back after hitting resistance near 4.0, then rebounded precisely from support around 3.78.
• The trend remains biased toward rebound and long positions, but be mindful of extreme intraday moves (often 5%-10%).
• Support: 3.78, 3.51
• Target/Resistance: 4.73
• U.S. 30-Year Treasury Bonds (ZB Z24)
• Rejected near 119’20, then pulled back.
• ZB tends to move in extremes as well; the strategy remains to buy on support.
• Support: 115’05
• Target/Resistance: 120’10
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Currencies
• U.S. Dollar Index Futures
• Rebounded from the flagged support zone around 103.5–103.
• Target/Resistance: 105.5, 109
• Non-U.S. currencies
• Previously highlighted rebound opportunities are playing out—consider taking partial profits on these moves.
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Crypto
• BTC Futures
• Stabilized near 78,000, and rebounded to around 88,000 (consider taking profit on existing longs).
• Support: 81,000, 77,000 (both are zones for potential re-entry on the long side)
• Bullish target/resistance: 93,000, 100,000
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Reminder:
Markets carry risk. Please invest cautiously and always adhere to sound risk management practices.
More Information/Reports/Video/Analysis please contact us—info@the-currency-store.com. We offer fully customised content services tailored to you needs.
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