{"id":112259,"date":"2021-11-22T10:30:00","date_gmt":"2021-11-22T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=112259"},"modified":"2022-11-21T09:49:30","modified_gmt":"2022-11-21T14:49:30","slug":"sp-and-silver-resolutions-imminent","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/futures\/sp-and-silver-resolutions-imminent\/","title":{"rendered":"S&#038;P and Silver, Resolutions Imminent"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">S&amp;P rising triangle pattern. Resolution likely higher, but probability fades if not soon.<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full img-twothird\"><img decoding=\"async\" width=\"508\" height=\"327\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-98.png\" alt=\"S&amp;P rising triangle pattern. Resolution likely higher, but probability fades if not soon.\" class=\"wp-image-112280 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-98.png 508w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-98-300x193.png 300w\" data-sizes=\"(max-width: 508px) 100vw, 508px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 508px; aspect-ratio: 508\/327;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Silver cup and handle developing out of inverse head and shoulders.<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full img-twothird\"><img decoding=\"async\" width=\"462\" height=\"329\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-99.png\" alt=\"Silver cup and handle developing out of inverse head and shoulder\" class=\"wp-image-112282 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-99.png 462w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-99-300x214.png 300w\" data-sizes=\"(max-width: 462px) 100vw, 462px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 462px; aspect-ratio: 462\/329;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Gold back and fill. Retesting previous resistance, now rare major four-star support.<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full img-twothird\"><img decoding=\"async\" width=\"368\" height=\"247\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-100.png\" alt=\"Gold back and fill. Retesting previous resistance, now rare major four-star support.\" class=\"wp-image-112283 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-100.png 368w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-100-300x201.png 300w\" data-sizes=\"(max-width: 368px) 100vw, 368px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 368px; aspect-ratio: 368\/247;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Probability of a Fed hike by June is now 72%. On heels of Clarida comments Friday.<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full img-twothird\"><img decoding=\"async\" width=\"488\" height=\"261\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-101.png\" alt=\"Probability of a Fed hike by June is now 72%. On heels of Clarida comments Friday.\" class=\"wp-image-112285 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-101.png 488w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/image-101-300x160.png 300w\" data-sizes=\"(max-width: 488px) 100vw, 488px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 488px; aspect-ratio: 488\/261;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-market-activity\">Market Activity<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Global equity markets mixed to flat, but U.S. equity benchmarks extend gains led by Tech. Fresh record highs in the NQ for the third straight session.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; S&amp;P had a soft finish from highs Friday after hawkish comments from Fed Vice-Chair Clarida; taper timeline can be reevaluated at the December meeting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; People\u2019s Bank of China left rates unchanged but dropped hawkish verbiage from statement, alluding to willingness to stimulate if needed. PBOC has been adamant about controlling inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Austria enters full lockdown. Violent protests breakout across Europe against Covid lockdowns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Risk-assets had moved lower early Friday on Europe lockdown fears, but German Foreign Minister said full\/broad lockdown unlikely and losses were quickly pared.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; We have been highlighting case counts in Germany for weeks, this will be ever important. Rise in cases subdued over the weekend, typical though.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; White House is throttling out SPR, asking Asian nations to join. Japan indicated willingness to follow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Chicago Fed National Activity due at 7:30 am CT and Existing Home Sales follow at 9:00 am CT.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Europe and U.S. Flash PMIs tomorrow, as well as 7-year Note auction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>E-mini S&amp;P (December) \/ NQ (December)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">S&amp;P, yesterday\u2019s close: Settled at 4694.50, down 7.00 on Friday and up 16.25 on the week<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NQ, yesterday\u2019s close: Settled at 16,575, up 93.75 on Friday and 382.25 on the week<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; S&amp;P and NQ working to define higher floors. The S&amp;P solidified 4667-4669 last week on two tests. Recurring level 4684.75-4685.50 would be next in line. The NQ is detailed with rare major four-star support in the levels below.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Price action in the S&amp;P holding steadily above 4701-4705, previous resistance, now aligns with momentum indicator as our Pivot and point of balance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Higher price action overnight in the S&amp;P struggled through the open last week, but stabilized to finish well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Week 3 option expiration in the rearview mirror, and no bats of true volatility given elevation. Remember 50 points in the S&amp;P is now 1%! However, weakness now may find less footing from dealers defense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; S&amp;P currently playing out a rising triangle pattern (chart above), typically resolves higher and the direction of the underlying trend. However, rising triangles that drag out can become rising wedges. These have a higher probability of resulting in a reversal. Key takeaway; the sooner the resolution, the more likely it is a bullish one&#8230;.&nbsp;<a href=\"https:\/\/www.bluelinefutures.com\/free-trial\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Click here to get our (FULL) daily reports emailed to you!<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Crude Oil (January)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yesterday\u2019s close: Settled at 75.94, down 2.47 on Friday and 3.75 on the week<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; China alluding to liquidity support helped underpin and overnight rally from rare major four-star support but stalled at first key resistance at 76.67-76.98 perfectly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Expect SPR discussion to evolve. We have said and maintain, we view extensive action as capitulatory, resulting in a more intermediate-term bullish rally. Remain cautious until such.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Managed-Money net-longs down by 10% for week ending last Tuesday. This is welcomed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Momentum indicator is our Pivot; continued action below\u00a0<a href=\"https:\/\/www.bluelinefutures.com\/free-trial\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Click here to get our (FULL) daily reports e<\/strong><\/a><strong><a href=\"https:\/\/www.bluelinefutures.com\/free-trial\" target=\"_blank\" rel=\"noreferrer noopener\">m<\/a><\/strong><a href=\"https:\/\/bluelinefutures.com\/free-trial\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>ailed to you!<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gold (December) \/ Silver (December)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Gold, yesterday\u2019s close: Settled at 1851.6, down 9.8 on Friday and 16.9 on the week<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Silver, yesterday\u2019s close: Settled at 24.781, down 0.119 on Friday and 0.565 on the week<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Day in and day out, we have highlighted how well Gold and Silver have held ground despite U.S. Dollar strength (DX highest since July 2020) and a broadly lower Treasury complex (last week until the Friday rally). This supports a longer-term continuation of the newfound strength into Q1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Back and fill is important. How is it received?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Gold Managed-Money Net longs, highest since April 2020, built out of Covid consolidation and into record summer rally. Silver, highest since June 2021 fallout.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Comments from Vice-Chair Clarida on Friday, reevaluating pace of taper, hit Gold and Silver. Remember, very dovish November meeting, basically net-zero taper, was a bullish catalyst.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; China less hawkish, may dovish, supportive to Silver overnight.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Silver bullish cup and handle developing out of inverse head and shoulders, holding neckline. Descending wedge handle can be very powerful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; December option expiration today, can open up trading ranges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Major three-star support in Silver has been defended very well at 24.51-24.58.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Extremely bullish upon close above major three-star resistance at&#8230;&nbsp;<a href=\"https:\/\/www.bluelinefutures.com\/free-trial\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Click here to get our (FULL) daily reports emailed to you!<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted on November 22, 2021 &#8211; <a href=\"https:\/\/bluelinefutures.com\/post\/s-p-and-silver-resolutions-imminent-11-22-21\">S&amp;P and Silver, Resolutions Imminent&nbsp;<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Charts Source: Trading View<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S&#038;P and NQ working to define higher floors. The S&#038;P solidified 4667-4669 last week on two tests. Recurring level 4684.75-4685.50 would be next in line. The NQ is detailed with rare major four-star support in the levels below. <\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4,21,5,15,17,18,6,19,8,9,22,23,26,3],"tags":[1056,3446,255,678],"contributors-categories":[13588],"class_list":["post-112259","post","type-post","status-publish","format-standard","category-asia","category-commodities","category-europe-middle-east-africa","category-fixed-income","category-futures","category-macro","category-north-america","category-options","category-region","category-securities","category-stocks","category-technical-analysis","category-text-articles","category-traders-insight","tag-crude-oil","tag-e-mini-sp","tag-gold","tag-silver","contributors-categories-blue-line-futures"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>S&#038;P and Silver, Resolutions Imminent | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"S&amp;P and NQ working to define higher floors. 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