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Managing Stocks and Metals at Record Highs

Morning Express

/ by BlueLineFutures | 1 Comment on Managing Stocks and Metals at Record Highs

The E-mini S&P, E-mini NQ, Gold, and Silver are all trading at record levels, we give you the road map of levels to manage this environment.


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

S&P, yesterday’s close: Settled at 5331.75, up 4.50

NQ, yesterday’s close: Settled at 18,763.00, up 127.75

Tech started the week off strongly with E-mini NQ futures notching a gain of +0.7% to the E-mini Dow’s loss of -0.5%. Chips led with usual suspects like NVDA and MU having banner sessions and the Semiconductor Equipment space, KLAC, AMAT, and LRCX also doing the heavy lifting. As for the E-mini Dow, more stocks fell than not, but the downside was led by JPM on news CEO Jamie Dimon is closing in on retirement. After the bell yesterday, PANW missed guidance and is down about -8.0%, while LOW topped estimates this morning and is up more than +1.0%. The first half of the week culminates into NVDA’s earnings Wednesday after the bell, but between now and then a barrage of Fed speak continues to hit the tape with Fed Governor Waller, Richmond Fed President Barkin, NY Fed President Williams, and Atlanta Fed President Bostic all set to have comments hit the tape in the 8:00 am CT hour.

E-mini S&P futures eked out a small gain yesterday, and struggled at what was key resistance at 5343.25-5349 for the second session in three, this is now adjusted to major three-star resistance. Similar overhead resistance has been adjusted in the E-mini NQ to align with yesterday’s new all-time high, now coming in at 18,761-18,795. With things consolidating buoyantly to start the week, we will look for continued price action above our Pivot and point of balance through the first hour after the opening bell to set a tone leading to new record highs. In the case of a bit more volatility, a firm response to first key support will keep that buoyancy on track.

Bias: Bullish/Neutral

Resistance: 5336.75*, 5343.25-5349***, 5400-5420.25***, 5459.75-5474.25***

Pivot: 5331.75-5333.75

Support: 5323.75-5327.25**, 5312.75-5315.75**, 5303.25-5308.50****, 5286.75-5292.75***, 5269.50-5274.25****

NQ (June)

Resistance: 18,761-18,795***, 18,825***, 19,085***, 19,319***

Pivot: 18,707-18,732

Support: 18,620-18,635***, 18,532-18,547***, 18,446-18,485***, 18,415**, 18,336-18,371****

Crude Oil (July)

Yesterday’s close: Settled 79.30, down 0.28

WTI Crude Oil futures started the week unenthusiastically with a failure at the psychological $80 mark that aligns with a key .382 retracement and fell short of pinging the 50-day moving average. OPEC+ instability was downplayed after the death of the Iranian President on Sunday, while prices have been in a downtrend since peaking on geopolitical tensions through mid-April, and seasonality concerns persist after the Memorial Day holiday. While we still see value against our critical area of support highlighted below, a continued test erodes confidence.

Bias: Neutral/Bullish

Resistance: 78.59-78.76**, 78.99*, 79.35-79.67**, 80.09-80.11***, 81.28***

Pivot: 78.25

Support: 77.65-77.86***, 77.26**, 75.70-76.36****

Gold (June) / Silver (July)

Gold, yesterday’s close: Settled at 2438.5, up 21.1

Silver, yesterday’s close: Settled at 32.426, up 1.167

Gold and Silver futures each set a fresh record high on Monday and have since consolidated in a large range, which is to be expected. This range is now well defined with major three-star resistance in Gold at 2448.8-2454.2 and Silver at 32.58-32.75; a failure to move out above here could certainly encourage some profit taking, but it also does not have to happen today. To the downside, a soft tape early yesterday and overnight has defined support to be 2408.5-2411.1 in Gold and 31.11-31.28 in Silver. While we do see a number of significant levels of support below here, a range extension to the downside would encourage a consolidation that could last over a number of sessions.

Bias: Bullish/Neutral

Resistance: 2436.9-2441.5**, 2448.8-2454.2***, 2494***

Pivot: 2426-2431.5

Support: 2417.4**, 2408.5-2411.1***, 2400**, 2391.7-2395.5***, 2385.3-2389.6***, 2375.2-2377.8***

Silver (July)

Resistance: 32.34**, 32.58-32.75***, 34.12***

Pivot: 31.69-31.85

Support: 31.11-31.28***, 30.73-30.79***, 30.39-30.43**, 30.00-30.19****

Micro Bitcoin (May)

Yesterday’s close: Settled at 70,435, up 3,070

Bias: Neutral/Bullish

Resistance: 71,500-71,935***, 74,100**, 75,795-76,200***

Pivot: 70,435-70,840

Support: 69,945**, 68,829**, 67,365-68,035***, 66,280-66,535**, 65,445***

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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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This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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