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Morning Express: Trading the Post-Witching and Pre-Fed Rebound

Morning Express

/ by BlueLineFutures | 2 Comments on Morning Express: Trading the Post-Witching and Pre-Fed Rebound

Good Morning Traders, Today’s date is March 18, 2024.

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

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

S&P, last week’s close: Settled at 5182.75, down 35.25 on Friday and 9.75 on the week

NQ, last week’s close: Settled at 18,058.75, down 213.00 on Friday and 238.50 on the week

E-mini S&P and E-mini NQ futures are snapping back from pre-expiration selling Friday morning and an unenthusiastic weekly close. Yes, there is arguably some frothiness, the risk appetite may be getting a bit exhausted, and the Federal Reserve’s policy meeting looms overhead, but let’s not forget that the market is in a bull trend. Price action in the E-mini S&P above Thursday’s gap settlement at 5218 will be seen as bullish in the near-term and similarly a move above major three-star resistance in the E-mini NQ at 18,297-18,342 is likely to garner fresh buying. Additionally, given this overnight levitation, Friday’s settlement and lows will provide a line in the sand on the week.

Bias: Neutral/Bullish

Resistance: 5226**, 5230.75-5232.50**, 5241.50-5243.50***, 5252.75-5257.25***, 5267.75**, 5279.25**, 5315.75***

Pivot: 5218

Support: 5207.50-5208.75**, 5198.75-5203**, 5185-5188***, 5180.25**, 5167.75-5172.75***, 5156.75-5161.25***, 5148.75*, 5121-5125.75***, 5094.75-5100***, 5055-5056.50****

NQ (June)

Resistance: 18,297-18,342***, 18,398-18,430***, 18,462-18,482**, 18,541-18,584***, 18,644-18,700***

Pivot: 18,255

Support: 18,203-18,229**, 18,161-18,172**, 18,075**, 18,019**, 17,910-17,932**, 17,767-17,870****

Crude Oil (May)

Last week’s close: Settled at 80.58, down 0.16 on Friday and up 3.08 on the week

Crude Oil consolidated on Friday’s April option expiration, but the two-day move from Wednesday through Thursday cannot be ignored and price action seems to be attempting to continue the trend this morning. May is now front-month and we have major three-star support at 80.56-80.78, aligning with Friday’s settlement to help define a floor to the latest strength.

Bias: Neutral/Bullish

Resistance: 81.74***, 82.73-82.97***, 83.87-83.95***

Pivot: 81.03-81.09

Support: 80.56-80.78***, 80.01-80.14**, 79.69-79.87***, 78.75-78.80**, 76.86***

Gold (April) / Silver (May)

Gold, last week’s close: Settled at 2161.5, down 6.0 on Friday and 24.0 on the week

Silver, last week’s close: Settled at 25.381, up 0.321 on Friday and 0.832 on the week

Gold and Silver futures have had a tremendous run, and traders are now shifting focus to this week’s Federal Reserve policy meeting. Gold handed the baton to Silver last week, which extended to a three-month high despite Gold slipping. Yes, Gold finished the week down a shade more than 1%, but this was arguably a healthy consolidation given the move in Treasuries and the warmer than expected inflation prints. Both Gold and Silver slipped early last night, but are working to rebound which increases the emphasis on our Pivot and point of balance, detailed below, on today’s session.

Bias: Bullish/Neutral

Resistance: 2170.3-2170.7**, 2174.6-2177***, 2184.6-2187.8***, 2192.7-2195.5***, 2200-2203***

Pivot: 2160-2161.5

Support: 2155.2-2158.2***, 2148.2-2150.5***, 2139.7-2141.9***

Silver (May)

Resistance: 25.54***, 26.09***

Pivot: 25.35

Support: 25.12-25.15***, 25.01**, 24.90-24.95**, 24.68-24.75***, 24.55-24.57**, 24.38-24.45***, 24.22-24.27**

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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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