Can the Rally Continue?

Morning Express Research Posts

/ by BlueLineFutures | 4 Comments on Can the Rally Continue?

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, yesterday’s close: Settled at 4962.00, down 18.25

NQ, yesterday’s close: Settled at 17,700.00, down 32.75

The market may be frothy and showing signs of exhaustion from a breadth perspective, but technical supports continue to hold and produce higher lows. We also cannot ignore leadership from the majors; CAT and NVDA yesterday, LLY today, META and AMZN Friday. With a mega-cap taking the baton daily during earnings season, the E-mini S&P and E-mini NQ have remained constructive against support. 

Bias: Neutral/Bullish

Resistance: 4973**, 4977.50-4981***, 4996.25-5000***, 5024-5034.25***, 5091.75***

Pivot: 4962-4964.25

Support: 4956-4858.75**, 4941.50-4942.75**, 3937.75**, 4929-4931.75***, 4925.75*, 4916.25-4919.50**, 4908-4909.75**, 4897-4900.50**, 4894.50-4895.50**, 4874.50-4877.50***, 4868.25-4870.50***

NQ (March)

Resistance: 17,756-17,794***, 17,996-18,000****

Pivot: 17,684-17,717

Support: 16,673-17,676**, 17,633**, 17,554-17,563**, 17,484-17,519***, 17,645**, 17,416-17,436***, 17,385-17,414**, 17,329**, 17,236-17,285***, 17,166-17,192***, 17,102-17,111****, 17,033-17,064***

Crude Oil (March)

Yesterday’s close: Settled at 72.78, up 0.50

Crude Oil futures are attempting to build a base above 73.06 and doing so will help invite added buying. A close above Thursday’s high-volume slam-down has created major three-star resistance at 73.78-74.13 and we believe a close above here turns the tape overall bullish. 

Bias: Neutral/Bullish

Resistance: 73.78-74.13***, 74.52**, 75.08***

Pivot: 73.06

Support: 72.48-72.57**, 72.28***, 71.58-71.79**, 70.62-70.87***

Gold (April) / Silver (March)

Gold, yesterday’s close: Settled at 2042.9, down 10.8

Silver, yesterday’s close: Settled at 22.422, down 0.374

Gold and Silver futures failed to continue flushing through midday each Friday and Monday after blowout-strong economic data, we could be witnessing sellers’ exhaustion which would help encourage a consolidation higher at minimum. However, continued U.S. Dollar strength is a real headwind to any sustained rally.

Bias: Neutral/Bullish

Resistance: 2044.2-2045.3*, 2047.7-2049.6***, 2056.8-2059.1**, 2067.4-2071.42***

Pivot: 2042

Support: 2037.6-2038.8**, 2030.8-2031.8***, 2023.3-2026***, 2012.5-2016.7***, 2007.4**

Silver (March)

Resistance: 22.58-22.63**, 22.73-22.79***, 22.90***, 23.01-23.05**, 23.23-23.36***, 23.45***

Pivot: 22.42-22.48

Support: 22.32-22.34**, 22.04-22.05***, 21.75***, 21.26-21.33***

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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