Breakout or Headfake?

Morning Express Research Posts

/ by BlueLineFutures | 2 Comments on Breakout or Headfake?

Actionable ideas for E-mini S&P, E-mini NQ, Crude Oil, Gold, and Silver (futures).

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

S&P, last week’s close: Settled at 4869.50, up 58.25 on Friday and 53.00 on the week

NQ, last week’s close: Settled at 17,438.50, up 328.50 on Friday and 469.25 on the week

Today will help answer whether Friday’s big option expiration breakout is true, has legs, or was only an options flow move. We want to see the E-mini S&P hold out above Friday’s settlement at 4869.50 and the rally broaden with the E-mini Russell joining the party, closing above resistance at 1978 and eventually above the 50% retracement ceiling at 2000.9

Bias: Bullish/Neutral

Resistance: 4894.75***, 4911.25-4918.25***

Pivot: 4873.25-4874.50

Support: 4869.50***, 4859.75**, 4836.50-4841.50***, 4825.50-4826**, 4815.75-4817**, 4808.50-4811.75****, 4795-4797.50**, 4779.50-4783.50**, 4767.50-4772.75***

NQ (March)

Resistance: 17,581***, 17,679***, 17,996-18,000****

Pivot: 17,482-17,500****

Support: 17,416-17,438***, 17,361-17,385**, 17,245***, 17,166-17,192***, 17,095-17,110****, 17,023-17,057**, 16,942-16,980***, 16,843-16,885****

Crude Oil (March)

Last week’s close: Settled at 73.25, down 0.70 on Friday and up 0.46 on the week

March Crude Oil futures must hold above 73.40-73.75 in order to keep a more Bullish tone, whereas a break below major three-star support at 72.10-72.27 will signal a failure.

Bias: Bullish/Neutral

Resistance: 74.44-74.77**, 75.30-75.71***, 76.31-76.71***

Pivot: 73.40-73.75

Support: 72.99-73.28***, 72.10-72.27***, 71.25-71.52***

Gold (February) / Silver (March)

Gold, last week’s close: Settled 2029.3, up 7.7 on Friday and down 22.3 on the week

Silver, last week’s close: Settled at 22.711, down 0.096 on Friday and 0.618 on the week

Silver futures have been trading at the lowest close since October 6th. There must be a response to that level at 22.05, or it will continue to pull down the entire complex. Ultimately, a close above 2040.3-2043.3 in Gold is needed to secure a stronger tone that can force Silver to shake off the sellers.

Bias: Neutral/Bullish

Resistance: 2032.5-2034.6**, 2040.3-2043.3***, 2048.9-2051.4***, 2062.4-2067.3***

Pivot: 2028

Support: 2019.4-2021.6***, 2004.6-2009.1***, 1987.9-1997.3****

Silver (March)

Resistance: 22.37-22.41**, 22.52-22.63***, 22.73-22.78**, 22.95-23.02***

Pivot: 22.26

Support: 22.05***, 21.75-21.89***

Bill Baruch, President & Founder, Blue Line Futures

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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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