After reaching new highs, ES and NQ pulled back as expected. TCS shorted ES near 6305 and NQ near 23025, both trades were profitable. More importantly, these short positions helped hedge long ETF and stock holdings.
The futures update has repeated this idea: markets rise from despair (seen in March and April), grow during hesitation (May and June), and end in euphoria (extra caution needed in Q3). Our futures club continues to follow this principle: plan the trade, wait patiently, and trade only near key support and resistance levels.
Although ES and NQ made new highs, the index futures are still in a high-level volatile pattern. There is no sign yet of a strong uptrend or downtrend.
Key Levels:
• ES Support: 6219 and 6151
• ES Resistance and Target: 6305 and 6348
• YM Support: 43980 and 43390
• YM Resistance: 44950
• NQ Key Level: 22610
• NQ Support: 22430 and 21980
• NQ Resistance and Target: 23025
• RTY Support: 2207 and 2173
• RTY Resistance and Target: 2265 and 2297
Daily trend for index futures remains: buy on support when possible.
Gold (GC Q25)
Gold pulled back after hitting resistance near 3370. We have gained from both long and short trades in gold. The trend is still strongly upward, and the main strategy remains buying near support. But be cautious of possible pullbacks or sideways moves at high levels.
• Support: 3282
• Resistance: 3392
Crude Oil (CL Q25)
Oil was very volatile due to news. It failed to hold above 79 and dropped to around 64. Strategy remains to buy near support.
• Support: 65.1 and 62.2
• Resistance and Target: 70.8 and 75.2
Natural Gas (NG Q25)
Natural gas jumped to around 3.75 and then pulled back. Both its rises and drops are often extreme (daily moves of 5%-10% are common).
• Support: 3.21
• Resistance and Target: 4.13
Treasury Bonds (ZB Q25)
ZB also moves in large swings. Strategy remains to buy near support.
• Support: 111‘15
• Resistance and Target: 116‘10
US Dollar Futures
USD futures have rebounded near the long-watched support at 96. Long positions in non-USD currencies should watch for profit-taking opportunities.
Bitcoin Futures (BTC)
BTC has touched the long-watched target near 110,000 several times and pulled back.
• Support: 98,000 and 92,000 (both are buy zones)
• Resistance and Target: 110,000
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