E-mini S&P 500 (CME:ESM14)
Near-term momentum appears bullish following the current positive bounce off the 1810.25 support pivot on the chart. Currently, price has been producing steady gains and appears to be targeting the 1867.75 level as the next upside target. If price manages to trade above this resistance level, look for the 1876.75 level to become relative again as well as technical pivots surrounding previous highs. Weakness in price should find initial support around 1855.50 followed shortly by the 1847.50 and 1842.00 pivots respectively.
Today’s positive momentum will likely remain in play above last Wednesday’s low around 1842.00. All things considered, the S&P 500 appears to remain strong at this point until proven otherwise by price action.
E-mini S&P 500, 30-minute Bar Chart (e-Signal)
Natural gas (NYMEX:NGK14)
Natural gas prices soared following Thursday’s EIA storage number, which showed a smaller than anticipated injection of natural gas into storage. As a result, price rallied over $.20 on the number and hasn’t given back much ground throughout the early morning session. Near-term momentum appears positive with resistance at 4.790 and 4.895. Look for further advances in price to target these two levels in the upcoming trading sessions. If price is able to sustain this strength and take out the previous high, then a shift in the intermediate term directional bias in natural gas may be underway. Any weakness in price should remain above the 4.500 pivot with secondary support levels seen around 4.650 and 4.570.
Natural gas, 30-minute Bar Chart (e-Signal)
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