Gaps Galore! If/when something opens below the previous day’s low, or above the previous sessions’ high, a price “gap” is created (known as a “Window” in candlestick analysis). There’s been quite a few of those on our charts of late, particularly on a Monday, and today was no exception. A price gap below immediately becomes an important and obvious support level and conversely a gap left above becomes resistance.
The S&P rallied again on Friday to 6888. The low was 6846 and this is gap resistance today as we’ve opened lower, although we’re still above Marabuzo support at 6750. NASDAQ Futures also gapped down. 25193 was Friday’s low.
The gap in the DAX is up at 23892. In the Eurostoxx 50 its 5836 and protects 5865 and 5909.
Bonds are also lower. Bund Futures saw red on Friday. The low was 125.02 and this is now gap resistance.
EURUSD was briefly back below its 200-day SMA overnight but has recovered some already. Ditto GBPUSD.
Gold gapped down but has recovered nicely since, nudging back into Friday’s range as I write. Silver has done the same. 74.88 was Friday’s low and we’re back here now after seeing weakness back to 72.545 as Asian trade kicked off.
LME Copper saw green on Friday and a weaker open has found buyers. All the metals look like they want to go higher and Aluminium (LME) is leading the way, making fresh 4-year highs this morning.
Brent Crude saw red on Friday but has opened with a strong bid this morning. Another gap here; down at 98.26, which is also a S/T Fibonacci reference. WTI’s gap support is 100.42. Gap resistance is 109.20.
Gasoil is also sitting between two gaps; 1234 and 1292.50.
Dutch TTF Gas is now trading through the night. The overnight range as I write is 46.745-51.30; weakness seen since the “proper” open at 7am UK time.
EUA Carbon opened on the back-foot but only small. Friday’s 72.45 low weighing for now.
Ags contracts started with a bid but sellers have responded, Soybeans failing at Marabuzo resistance at 1184.
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These Levels are also mentioned daily on the PiQ ‘Morning Blast’ Podcast, hosted by Ryan Paisey at 8:30AM GMT. Find it wherever you get your podcasts.
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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