- Fed Chair Powell speaks in Washington D.C at 8:15 am CT, and will again tomorrow.
- His speech comes after Fed members talked back Fed Chair Powell’s seemingly dovish post-FOMC press conference, where he highlighted the risks of doing too much and too little now symmetrical.
- Is the committee playing out the Jekyll and Hyde approach, where Powell holds his tone, and members push back on a pause, or does Powell also walk back the perceived tone?
- According to the CME’s FedWatch Tool there is a 9.8% probability the Fed hikes 25bps at its meeting on December 13th meeting.
- We will also hear from NY Fed President Williams at 12:40 pm CT, Fed Vice Chair for Supervision Barr at 1:00 pm CT, and Fed Governor Jefferson at 3:45 pm CT.
- The U.S. Treasury will auction $40 billion 10-year Notes at noon CT.
E-mini S&P (December) / E-mini NQ (December)
S&P, yesterday’s close: Settled at 4396.00, up 11.75
NQ, yesterday’s close: Settled at 15,374.25, up 141.75
Bias: Bullish/Neutral
Resistance: 4401.75-4404****, 4447***, 4462.25-4470.25***
Pivot: 4391
Support: 4383.25-4385.75**, 4372.25-4374.50**, 4364.50**, 4358.25-4361.25***, 4335.75-4337.75***, 4327.50-4331.75**, 4321.75**, 4308.75-4312.75***, 4302.25-4303**, 4293.75-4295.75***
NQ (Dec)
Resistance: 15,402-15,413**, 15,380**, 15,452-15,468****, 15,627-15,673***
Pivot: 15,354-15,380
Support: 15,303-15,330**, 15,224-15,258***, 15,138-15,163***, 15,102*, 15,040-15,065**, 14,998-15,017***, 14,952**, 14,846-14,886***, 14,744-14,749****
Crude Oil (December)
Yesterday’s close: Settled at 77.37, down 3.45
Bias: Neutral/Bullish
Resistance: 77.05-73.37**, 77.74***, 78.31-78.42**, 78.74-78.89***, 79.34-79.48**, 80.10-80.51***
Pivot: 76.51
Support: 75.58***, 74.26***
Gold (December) / Silver (December)
Gold, yesterday’s close: Settled at 1973.5, down 15.1
Silver, yesterday’s close: Settled at 22.589, down 0.645
Bias: Neutral/Bullish
Resistance: 1978.2***, 1982.8**, 1986.3-1988.6***, 1993.6-1996.3**, 2003.6-2005.9***, 2009.2-2012.7****
Pivot: 1971-1973.6
Support: 1863.8-1865.1***, 1944.7-1950.6****
Silver (December)
Resistance: 22.71-22.74**, 22.87**, 22.95-22.98***, 23.23-23.25***
Pivot: 22.50-22.59***
Support: 22.36-22.39***, 21.72-22.01****
—
Originally Posted November 8, 2023 – Macro Markets Ahead of Another Treasury Auction
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