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Morning Express

Morning Express

/ by BlueLineFutures | 1 Comment on Morning Express

Bill Baruch joined AgriTalk to discuss the case for rate cuts and the commodity supercycle.

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

S&P, yesterday’s close: Settled at 5062.25, down 30.25

NQ, yesterday’s close: Settled at 17,658.50, down 222.25

E-mini S&P and E-mini NQ futures finished lower for the fourth session in a row. Most crucially, the S&P tested our rare major four-star support at 5044-5055, this pocket aligns multiple indicators as well as the gap close on February 21st, ahead of NVDA’s earnings release. Given the relentless move down, failed bounce attempts and this critical area of support, it is imperative the bulls show up today.

Bias: Neutral/Bullish

Resistance: 5078-5082, 5094-5097, 5110*, 5119-5123.25, 5127-5131.75, 5147.25-5153.75, 5162.75-5167.25, 5182-5185.50, 5207.75-5213

Pivot: 5069.50-5075

Support: 5062.25, 5044-5055, 5026-5027.25, 5018, 4983.50-4994.25***

NQ (June)

Resistance: 17,767-17,796, 17,850-17,874*, 17,959-17,988, 18,051-18,072, 18,131-18,167, 18,226-18,254, 18,326-18,343

Pivot: 17,719

Support: 17,604-17,638, 17,463-17,493, 17323-17,372, 17,106

Crude Oil (June)

Yesterday’s close: Settled at 82.15, down 2.68

June WTI Crude Oil futures are now front month and our levels are updated below. A sharp move, in this case the two-day drop, is not uncommon during times of roll and post option expiration as Crude Oil tends to cleanse positioning. With geopolitics front and center as the weekend approaches, major three-star support was tested head on at 80.78-81.06. This aligns with the gap close and gap open after a pennant consolidation from March 20th through March 27th.

Bias: Neutral/Bullish

Resistance: 82.70-82.82**, 83.32-83.44, 84.01-84.39

Pivot: 82.01-82.15

Support: 81.45, 80.78-81.11, 80.12, 78.80-79.02*, 78.01-78.43

Gold (June) / Silver (May)

Gold, yesterday’s close: Settled at 2388.4, down 19.4

Silver, yesterday’s close: Settled at 28.40, down 0.024

Gold has traded fairly constructive on the week given Friday’s sharp reversal but the overhead supply resulting from this reversal is apparent at major three-star resistance at 2404.3-2408.5 and 2412.9-2414.8. A close above these levels would theoretically begin neutralizing Friday’s reversal and invite fresh buying. While Silver has not retraced as much as Gold, its path too has been constructive but there is a clear psychological barrier at the $29 mark.

Bias: Neutral/Bullish

Resistance: 2404.3-2408.5, 2412.9-2414.8, 2425.6, 2337.3-2448.8, 2466.5, 2539.3-2560.1**

Pivot: 2395

Support: 2387-2489.6, 2378.2, 2365.8-2370.7(, 2360.2-2362.6, 2348.1-2351, 2327.1-2343.1

Silver (May)

Resistance: 28.69-23.75, 28.88-28.90, 29.05-29.22, 29.88-30.35

Pivot: 28.56

Support: 23.44, 28.36, 28.14-28.18, 28.03*, 27.93, 27.64-27.76, 27.34-27.51, 26.93-26.97, 26.40-26.48

Micro Bitcoin (April)

Yesterday’s close: Settled at 61,130, down 1,790

Bias: Neutral/Bullish

Resistance: 63,350-63,700, 64,660-64,937, 66,555-67,595, 68,172-68,590, 70,410-70,800, 71,795-71,815, 72,110-72,530, 73,410-73,600***

Pivot: 62,535

Support: 61,632-61,680, 59,700-60,830, 57,410-58.250***

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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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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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