Date: Friday, July 18
ES and NQ made new highs again but pulled back as expected (YM and RTY also pulled back). We’ve been repeating this in our futures updates: Markets are born in despair (like in March and April this year), grow in hesitation (May and June), and often end in madness (be very careful in Q3).
Our Futures Club always follows this principle: Trade with a plan (not predictions), wait patiently, and act at key support and resistance levels.
Even though ES and NQ hit new highs, the stock index futures are still in a high-level volatile pattern. There is no clear sign of a strong uptrend or downtrend yet.
Key Levels:
• ES:
Support: 6242 and 6191
Resistance/Target: 6369
• YM:
Strong support remains at 43980 (Wednesday’s low was 43973)
Strong resistance: 44950 (last week’s high was 44943)
• NQ:
Center level: 23040
Support: 22830 and 22580
Resistance/Target: 23440
• RTY:
Support: 2198
Resistance/Target: 2297
For now, daily trading in index futures should still focus on buying near strong support levels.
Gold (GC, Q25)
Gold hit resistance around 3385–3387 and pulled back. Yesterday it found support near 3315 and bounced.
We’ve made good profits on both long and short trades in gold. The trend is clearly upward (our mid-to-long term GLD positions are also performing well).
We still focus on buying at support, but stay alert for pullbacks or high-level swings.
• Support: 3282
• Resistance: 3387
Crude Oil (CL, U25 – September contract)
Oil moved sharply due to news, rising to around 79 before dropping to near 64.
Our strategy remains the same: buy near support.
• Support: 65.1 and 63.2
• Resistance/Target: 70.8 and 75.2
Natural Gas (NG, Q25)
Natural gas dropped sharply to near 3.15, then rebounded to around 3.62.
It often moves in extremes (5%–10% in a day).
• Strong support: 3.21
• Resistance/Target: 4.13
Treasury Bonds (ZB, Q25)
ZB also tends to move in extremes. We continue to focus on buying near support.
• Strong support (same as last Tuesday’s note): 111’15 (this week’s low was 111’11)
• Resistance/Target: 116’10
U.S. Dollar Futures
The dollar has bounced near the strong support at 96, which we have mentioned many times.
For non-USD currencies, we have also been reminding to lock in profits.
BTC Futures
BTC made a new high near 121000, then pulled back.
• Support: 104000 and 97000 (good areas to buy again)
• Next big target and resistance: 145000
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