Are Markets Caving In?

Morning Express Research Posts

/ by BlueLineFutures | 1 Comment on Are Markets Caving In?

E-mini S&P and E-mini NQ futures failed at overhead supply again. The line in the sand for Crude Oil. Can previous metals Gold and Silver) rebound?

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

S&P, yesterday’s close: Settled at 4324.25, down 1.25

NQ, yesterday’s close: Settled at 14,984.75, up 118.25

E-mini S&P and E-mini NQ futures were buoyant into the first close of the fourth quarter, anchored by NVDA’s +2.95% after Goldman Sachs added the name to its ‘conviction list’. Those tailwinds dissipated this morning with technical supply at rare major four-star resistance at 15,027 in the E-mini NQ striking for arguably the fifth time in three sessions. Strong overhead resistance has also developed in the E-mini S&P at 4337.50-4341.25, and the tape could not quite get there this morning before slipping. The move lower reestablishes a battle at the 4300 range in the E-mini S&P and at the 14,900 range in the E-mini NQ, highlighted by resistance in the levels below, that has incurred tremendous volume going back to last week. Amid this volatility, the S&P has not closed below what was rare major four-star support and reduced to three-star at 4301-4306. However, a decisive break and close below may be just what the doctor ordered, opening the door to a completion of the correction with a test of 4200-4236.75 and a VIX that pings the 20.0 mark.

Bias: Neutral

Resistance: 4319*, 4324.25***, 4337.50-4341.25***, 4354-4356.50***, 4361-4365.25**, 4366.25**, 4371.25-4378.75****

Pivot: 4311

Support: 4301-4306***, 4295.50**, 4288**, 4274.25-4280***, 4262.75**, 4200-4236.75****

NQ (Dec)

Resistance: 14,958**, 14,985***, 15,027-15,060****, 15,149-15,157***

Pivot: 14,912

Support: 14,864-14,893**, 14,811-14,840***, 14,747-14,777**, 14,658-14,685***, 14,554-14,586***

Crude Oil (November)

Yesterday’s close: Settled at 88.82, down 1.97

Crude oil futures are testing into what has become a floor of major three-star support at 87.88-88.19. Energy has vastly outperformed all other risk-assets, but there is a sense of softening footing with the space. If equity indices were to see continued selling today, it could be the straw that breaks the camel’s back in Crude Oil. If this were the case, a health pullback/correction would test rare major four-star support at 83.01-83.63. However, we have many layers of significant support between here and there with the first coming in at 86.31. To the upside, a move back above 90.79 would neutralize the wave lower and shift momentum back into the bull’s hands.

Bias: Neutral/Bullish

Resistance: 89.58-89.77**, 90.35**, 90.79***, 91.18-91.25**, 91.61-91.87***, 92.94-93.24***

Pivot: 88.80

Support:  88.37**, 87.88-88.19***, 86.31***, 85.55**, 84.89-85.02***, 84.25**, 83.01-83.63****

Gold (December) / Silver (December)

Gold, yesterday’s close: Settled at 1847.2, down 18.9

Silver, yesterday’s close: Settled at 21.421, down 1.029

The beatdown continued overnight in Gold and Silver futures, but we could have seen the start of a bottoming process as each test into the March rally point. Remember, Gold and Silver surged in March as the banking crisis developed and the Fed came to the rescue. But what happened to the banking crisis, did it ever deteriorate further? No, and the Fed is draining this liquidity. It would make sense to see Gold and Silver erase such gains. For Gold, the low on March 10th was 1830, this was where the rally started. For Silver, 20.70-20.80 was the low of that day. These levels were tested overnight, and a bottom is not a point, but a process.

Bias: Neutral

Resistance: 1867-1868.3**, 1871.2-1875.1***, 1878.6**, 1886.9-1888.7***, 1894.8-1896.7****

Pivot: 1855

Support: 1851.8***, 1830-1836.9***, 1813.4-1817.1***, 1796.5-1804.2****

Silver (December)

Resistance: 21.52**, 22.06-22.10**, 22.30***, 22.49-22.64***

Support: 21.17-21.20****, 20.70-20.87**, 20.50****

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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