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Morning Express

Morning Express

/ by BlueLineFutures | 1 Comment on Morning Express

Bill Baruch does a quick daily video after the market closes each day and posts it to his Twitter and Instagram: @bill_baruch.

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

S&P, yesterday’s close: Settled at 5213.75, up 7.25

NQ, yesterday’s close: Settled at 18,199.50, up 4.00

From yesterday:

While price action still must chew through supply created from the whipsaw action dating back to the start of April when the S&P came of its fresh record high, our more Bullish Bias will stand until a failure to hold major three-star support at 5184.75-5190.50. Furthermore, only a close back below 5145.50-5148.50 is now needed to potentially turn momentum bearish. The E-mini NQ is still working through resistance at 18,179, which now aligns with yesterday’s spike high of 18,198, but we see the bulls in the driver’s seat while holding above 18,042-18,050.

Bias: Bullish/Neutral

Resistance: 5205.50, 5213-5218.75, 5223.50-5226.75, 5243.25-5246.25

Pivot: 5197.25-5199

Support: 5184.75-5190.25, 5174, 5166.75-5167, 5153.75-5157, 5145.50-5148.50, 5126-5131.75, 5118.75, 5104.50-5109.25, 5100.75, 5091.50-5095*, 5073-5080, 5036.25-5046.50

NQ (June)

Resistance: 18,179-18,200, 18,236-18,267**, 18,326-18,339

Pivot: 18,109-18,131

Support: 18,042-18,050, 17,962-17,986, 17,893-17,930, 17,805-17,826, 17,743-17,793* 17,649-17,690**

Crude Oil (June)

Yesterday’s close: Settled 78.38, down 0.10

The streak of lower highs was broken on yesterday’s morning rally, but the EIA’s Short-Term Energy Outlook, which marginally decreased the demand outlook and marginally increased the output forecast, subdued price action.

Weekly EIA data is due at 9:30 am CT, with expectations for -1.43 mb Crude, -1.18 mb Gasoline, and -1.0 mb Distillates.

Bias: Neutral

Resistance: 77.91-77.99, 78.38-78.48, 79.00-79.17**, 79.49-79.63, 79.87-79.90

Pivot: 77.55

Support: 76.90-76.98, 75.90-76.07, 75.04-75.10**

Gold (June) / Silver (July)

Gold, yesterday’s close: Settled at 2324.2, down 7.0

Silver, yesterday’s close: Settled at 27.544, down 0.07

Gold has struggled at the spike high from last week’s Federal Reserve meeting, while Silver has struggled at the failure and gap from April 29th. While we remain hopeful, we must begin to reduce our excitement from Monday’s strength.

Bias: Neutral/Bullish

Resistance: 2328.5-2332.5**, 2338-2339.5, 2347.7, 2353-2358.9, 2364.4-2367

Pivot: 2320.2-2325.3

Support: 2311.4-2314.5, 2305.8-2306.8, 2300.6, 2291.5-2296.2, 2281.8-2285.2, 2257.1, 2246.6, 2231.2-2238.2***

Silver (July)

Resistance: 27.66-27.76, 27.91-27.93**, 28.02-28.22

Pivot: 27.55

Support: 27.39-27.44, 27.14-27.28, 27.01, 26.89-26.91, 26.65-26.69, 26.17-26.30, 25.89-25.95**, 25.32-25.47

Micro Bitcoin (May)

Yesterday’s close: Settled at 63,585, up 995

Bias: Neutral

Resistance: 63,450, 64,750-64,975, 65,335, 66,045-66,552, 67,155-67,965, 68,829, 71,625-71,646

Pivot: 62,590-63,065

Support: 62,210, 61,475-61,810, 60,386-60,704, 59,765, 56,472-57,355, 55,000-55,290, 52,240, 47,000***

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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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