Bill Baruch joined AgriTalk to discuss his outside the box thinking of why the Fed should cut rates. Also, what's driving commodities? Are we in a commodity Supercycle?

E-mini S&P (June) / E-mini NQ (June)

S&P, yesterday’s close: Settled at 5062.25, down 30.25

NQ, yesterday’s close: Settled at 17,658.50, down 222.25

E-mini S&P and E-mini NQ futures finished lower for the fourth session in a row. Most crucially, the S&P tested our rare major four-star support at 5044-5055, this pocket aligns multiple indicators as well as the gap close on February 21st, ahead of NVDA’s earnings release. Given the relentless move down, failed bounce attempts and this critical area of support, it is imperative the bulls show up today.

Bias: Neutral/Bullish

Resistance: 5078-5082, 5094-5097, 5110*, 5119-5123.25, 5127-5131.75, 5147.25-5153.75, 5162.75-5167.25, 5182-5185.50, 5207.75-5213

Pivot: 5069.50-5075

Support: 5062.25, 5044-5055, 5026-5027.25, 5018, 4983.50-4994.25***

NQ (June)

Resistance: 17,767-17,796, 17,850-17,874*, 17,959-17,988, 18,051-18,072, 18,131-18,167, 18,226-18,254, 18,326-18,343

Pivot: 17,719

Support: 17,604-17,638, 17,463-17,493, 17323-17,372, 17,106

Crude Oil (June)

Yesterday’s close: Settled at 82.15, down 2.68

June WTI Crude Oil futures are now front month and our levels are updated below. A sharp move, in this case the two-day drop, is not uncommon during times of roll and post option expiration as Crude Oil tends to cleanse positioning. With geopolitics front and center as the weekend approaches, major three-star support was tested head on at 80.78-81.06. This aligns with the gap close and gap open after a pennant consolidation from March 20th through March 27th.

Bias: Neutral/Bullish

Resistance: 82.70-82.82**, 83.32-83.44, 84.01-84.39

Pivot: 82.01-82.15

Support: 81.45, 80.78-81.11, 80.12, 78.80-79.02*, 78.01-78.43

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