Shutdown, Crypto & Energy Futures

By Mark O’Brien, Senior Broker

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — Dec (GCZ5)	3912.00	3953.30	3977.00	4018.30	4042.00
Silver (SI) — Dec (SIZ5)	45.94	46.95	47.53	48.54	49.13
Crude Oil (CL) — Dec (CLZ5)	58.50	59.05	60.07	60.62	61.64
Dec. Bonds (ZB) — Dec (ZBZ5)	115 11/32	115 27/32	116 28/32	117 12/32	118 13/32

Day 36 of the U.S Government shutdown, which officially makes it the longest in U.S. history.

Here’s a 50-year look-back at government funding gaps and shutdowns.

Data for the current shutdown is through November 4.

Crypto:

From its October 6th record high closing of 126,705, the Dec. Bitcoin futures contract entered a technical bear market yesterday, trading intraday below $100,000 for the first time in four months and down over 20%, closing at 101,545. For that full Bitcoin futures contract – with a contract unit of 5 Bitcoin – this is a >$125,000 per contract move.

For the micro-Bitcoin futures contract – with a contract unit of 1/10 Bitcoin – this is a >$12,500 per contract move.

Similar movement was seen in other CME crypto futures, including Ether and the new Solana and XRP futures contracts. All offer full and micro-futures contracts.

Find out more at the CME Group page on Cryptocurrency futures and options

Energy:

Dec. crude oil fell below $60/barrel after U.S. government data showed an increase in crude inventories last week. Against this backdrop, some traders and analysts are bracing for further declines as the global supply glut looks to continue into 2026.

Even with U.S. sanctions on Russia’s top oil producers, Rosneft and Lukoil, and the OPEC+ decision to pause output hikes in the first quarter of next year, there is still concern about a potential supply glut.

The World Bank last week forecast that the oil glut “has expanded significantly in 2025 and is expected to rise next year to 65% above the most recent high, in 2020.” Reminder: it was April 2020 when crude oil futures traded briefly into negative territory and spent the latter 10 months trading below $50/barrel.

March Corn

March corn is consolidating while contending with overhead against the extended downtrend and 200 DMA. At this point, new sustained highs would project a potential run to the third upside PriceCount objective to the 4.83 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors.

Past performance of actual trades or strategies is not necessarily indicative of future results.

Daily Levels for Nov. 6th, 2025

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Economic Reports

U.S. government data may be impacted by the shutdown. ‘Tentative’ events are subject to delay, revision, or cancellation

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