A Major Rotation or Proper Pullback?

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/ by BlueLineFutures | 1 Comment on A Major Rotation or Proper Pullback?

E-mini NQ futures slipped sharply to start the week, is this the start of a bigger rotation with the E-mini S&P. Get the latest on stocks, Crude Oil, Gold, Silver, and Bitcoin (futures).

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

S&P, yesterday’s close: Settled at 5517.00, down 17.25

NQ, yesterday’s close: Settled at 19,750.75, down 232.00

E-mini S&P and E-mini NQ futures finished lower to start the week but there was a stark difference in price action across sectors. The E-mini S&P’s -0.3% was certainly dragged by tech with the SMH (Semis) plunging by -3.4%. However, gains across XLF (Financials) +0.63%, XLV (Healthcare) +0.19%, XLE (Energy) +1.7%, and XLU (Utilities) +0.5%, glued the session together. In fact, E-mini Dow futures notched a positive session at +0.66%. At the onset of today and as we stare down the final trading days of Q2, it begs the question whether this is the start of a significant rotation or just simply a healthy pullback in the market darlings.

What we do know is the E-mini NQ traded into our rare major four-star support at 19,732-19,757 late yesterday and price action has so far responded. There is also a significant area of support in the E-mini S&P defined below as the market leans into 5500, aligning multiple levels with the consolidation pennant from June 12-14th. Look for responsive action in the first hour of today’s trade and it could set a bullish tone accompanied by potential window-dressing into the quarter’s end.

  • Bias: Neutral/Bullish
  • Resistance: 5531.50-5535**, 5541.50-5545.75**, 5551-5552.50**, 5555.50-5558.50***, 5563.75**, 5576.75***, 5584.50-5588**, 5620.75**, 5762.75***
  • Pivot: 5525.75-5527
  • Support: 5517-5519***, 5510.25-5511**, 5498.75-5503***, 5489.75-5492.75***, 5465.60***, 5448.25-5449.25***, 5427.50-5430.75***

NQ (September)

  • Resistance: 19,914**, 19,958-19,965***, 19,982-19,996***, 20,025-20,031**, 20,068-20,080***,
  • Pivot: 19,818-19,825
  • Support: 19,732-19,757****, 19,649**, 19,426-19,497**

Crude Oil (August)

Yesterday’s close: Settled at 81.63, up 0.90

WTI Crude Oil futures rebounded well to start the week, responding to a critical area of technical support. Furthermore, the healthy consolidation at and above the psychological $80 mark could be a launchpad for a strong finish to the month, bringing Crude Oil its best month since September. We have two layers of major three-star support at 80.61-80.86 and 80.11-80.36, and we believe a hold above here sets a constructive path for higher prices.

  • Bias: Bullish/Neutral
  • Resistance: 81.79**, 82.24-82.35***
  • Pivot: 81.17-81.40
  • Support: 80.61-80.86***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94***

Gold (August) / Silver (September)

Gold, yesterday’s close: Settled at 2344.4, up 13.2

Silver, yesterday’s close: Settled at 29.525, down 0.089

Gold and Silver futures are again on their backfoot. Despite a firm tape overnight, comments from Fed Governor Bowman that it is not time to cut rates, even pointing to the possibility of hikes in the case of persistent inflation quickly eroded the positivity. It is important to understand that Bowman is the most hawkish voice at the Fed and no stranger to outlier comments. We now look to CB Consumer Confidence data at 9:00 am CT.

Today marks the expiration of July options for both Gold and Silver, and this could bring a wonky tape through midday. For now, strong resistance has developed into the latter part of Friday’s bludgeoning, bringing major three-star resistance at 2348.7 in Gold and 30.07-30.12 in Silver; we must see move out above here in each in order to even start the path to neutralizing Friday’s tape.

  • Bias: Neutral/Bullish
  • Resistance: 2348.7***, 2355.3-2358.8***
  • Pivot: 2341
  • Support: 2329.5-2331.2**, 2318-2320.2***, 2304.2-2310.9***

Silver (Sept)

  • Resistance: 30.07-30.12**, 30.19-30.27**, 30.40-30.57***, 31.04-31.15***
  • Pivot: 29.90
  • Support: 29.69-29.79**, 29.30-29.38***, 29.03-29.05****

Micro Bitcoin (June)

  • Yesterday’s close: Settled at 59,145, down 5,115
  • Bias: Neutral
  • Resistance: 61,700**, 62,750-62,960**, 63,236-63,325***, 64,095-64,260
  • Pivot: 60,605-60,800
  • Support: 59,500-59,685**, 57,695-58,385****

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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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