S&P: A run for yearly highs?

E-mini S&P 500

E-mini S&P 500 (CME:ESM14): Outside Markets Indicate A Run For Yearly Highs This Morning.

Equities continued higher off of Friday’s lows through yesterday’s session as the S&P closed at 1881.75 and right at our major resistance level of 1880.50-1883. Ahead of the release of the FOMC minutes tomorrow, investors need to see a close above this resistance level in order to encourage further buying and possible short covering.

Data is light for much of the week Janet Yellen is set to speak tomorrow ahead of the Minutes release and the Bank of Japan has a meeting on Monetary Policy tonight. Light support will come in at the 1874-1874.50 level but only a close below major support at 1866-67.75 and furthermore 1859-1862 will signal a deeper failure.

Resistance- 1874-75.50*, 1880.50-1883**, 1893**, 1898.50-1900*, 1917-1919****

Support –1866-1867.75**, 1859-1862**, 1854.50**, 1847.25-48.50*, 1843-1844***, 1839**


Editor's note: This is the inaugural week of FUTURES.com offering a live, streaming squawk box commentary from the S&P trading pits in Chicago.


Crude Oil

Crude oil (NYMEX:CLM21): A Close Above $102.50 Opens The Door To $103.80.

Traders are now using July Crude (NYMEX:CLN14) which traded to a high of 102.49 yesterday. The previous highs in July Crude come in at 103.11 on April 16th. The market found a path of least resistance lower yesterday as equities climbed, the dollar traded lower from last week’s swing highs and as traders, investors, and hedgers have continued to roll into July from the June contract.

Swing lows from last week come in at 100.82 which sit just above major support at the continuous 200 day moving average which comes in at 100.36. Furthermore, the 20 day moving average, momentum indicator is climbing and comes in at 100.29. Light support on the day comes in at 101.92 and only a close below there will begin to signal a consolidation lower.

Resistance – 102.49**, 103.11***, 103.65-103.85**, 104.77*, 104.99-105.22***

Support – 101.92*, 100.82***, 100.29**, 99.71**, 98.55**

About the Author
Rich Ilczyszyn

Rich Ilczyszyn is Founder and Chief Market Strategist of iiTRADER.com. Rich excels at creating dynamic trading strategies for clients that establish solid positions, while remaining flexible enough to capitalize on market opportunities when they arise. By identifying market trends, breakouts, and failures in a timely fashion, Rich presents clients with the opportunity to realize their objectives while effectively managing their risk.

Rich is featured expert/trader and contributor on CNBC's "Futures Now" Show, and has been quoted in multiple of top-tier publications, including: The Wall Street Journal, Associated Press, Bloomberg News and Reuters.

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