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Morning Express

Morning Express

/ by BlueLineFutures | 1 Comment on Morning Express

Good Morning Traders, today is March 11, 2024.

Start your day on the right foot with our Morning Express newsletter! Delivered straight to your inbox, it’s packed with exclusive insights and insider tips to give you a head start in the trading world.

In today’s edition:

  • Discover market sentiment and potential resistance/support levels for E-mini S&P.
  • Understand Crude Oil’s bias and identify critical resistance/support zones.
  • Gain insights into the outlook for Gold and Silver, including key resistance and support markers.

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

S&P, last week’s close: Settled at 5129.00, down 32.75 on Friday and 17.00 on the week

NQ, last week’s close: Settled at 18,046.75, down 269.50 on Friday and 291.50 on the week

Roll week is here, and as always, we do not shift until Tuesday to the next month (June). Tomorrow also brings the February CPI report. Friday’s reversal and soft Sunday night tape for E-mini S&P and E-mini NQ futures sets the stage for a healthy consolidation at best. Today’s first hour will be critical, can E-mini S&P futures battle to hold Wednesday’s gap close and developed major three-star support at 5107.25-5111.75? A failure to do so will create a test of high volume supports at 5080.50-5085.75 and then 5058.25-5063. It is no secret that NVDA led Friday’s turnaround, and therefore, we must see construction from E-mini NQ futures against what is now first support at 17,909-17,930, or a retest of last Monday’s low, at minimum, is in the cards.

Bias: Neutral/Bullish

Resistance: 5129-5133.25***, 5141.25-5143.75**, 5155.25-5157.75**, 5161.75-5163.25***, 5187-5193***, 5196.50-5200***

Pivot: 5121-5126.75

Support: 5107.25-5111.75***, 5098.50-5102.50**, 5088.50-5089**, 5080.50-5085.75***, 5070**, 5058.25-5063****

NQ (March)

Resistance: 18,044-18,050***, 18,112-18,118**, 18,144-18,175***, 18,213-18,225**, 18,252-18,288***, 18,316-18,338***, 18,390-18,437***

Pivot: 17,984-18,012

Support: 17,909-17,930***, 17,875*, 17,826-17,849***, 17,724-17,758***

Crude Oil (April)

Last week’s close: Settled at 78.01, down 0.92 on Friday and 1.96 on the week

Despite strength going back to Friday, March 1st, that pinned Crude Oil futures out above the November 30th and January 29th highs, the tape has lacked follow-through. The potential here must be acknowledged that price action is rounding out to roll-over. Still, we remain upbeat, but the bulls must respond constructively to the floor that was created from the middle of February through the February 26th surge, at 75.84-76.17

Bias: Neutral/Bullish

Resistance: 78.34**, 78.65-78.90**, 79.53-79.66**, 80.00-80.10**, 80.37-80.85***

Pivot: 78.02

Support: 77.27-77.58***, 75.84-76.17***, 74.71**, 73.91***, 73.26-73.37***

Gold (April) / Silver (May)

Gold, last week’s close: Settled at 2185.5, up 20.3 on Friday and 89.8 on the week

Silver, last week’s close: Settled at 24.549, down 0.029 on Friday and up 1.185 on the week

Gold futures achieved $2203 on Friday in its best week since the October Hamas attack on Israel. However, Silver has struggled to merely test its late December rebound point from the December 4th blow-off. Longer-term, Silver produced an inverse head and shoulders bottom with 1/22, 2/14, and 2/28 being the points. We also believe Gold is the canary in the mine here. This sets the stage for Silver to lead the next leg. In the shorter term, traders must be cautious for a consolidation on the heels of last week’s rally and for the volatility that could be associated with tomorrow’s CPI.

Bias: Bullish/Neutral

Resistance: 2192.7-2195.5***, 2200-2203***

Pivot: 2183.3-2184

Support: 2178.8**, 2171.5-2174.7***, 2163.2-2165.2***, 2155.2-2158.2**, 2148.2-2150.5***, 2139.7-2141.9***

Silver (May)

Resistance: 24.90-25.15****

Pivot: 24.55-24.61

Support: 24.38-24.45***, 24.17-24.24**, 24.09**, 23.80-23.86***

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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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