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Resistance Overhead, Tech has the Baton

Morning Express

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The E-mini S&P cleared a critical area of resistance and now hands the baton to the E-mini NQ to do the same; we explain what you need to know today.


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

S&P, yesterday’s close: Settled 5630.00, up 51.75

NQ, yesterday’s close: Settled at 19,857.75, up 252.00

E-mini S&P and E-mini NQ futures surged in the final minutes on Monday. The move came on the heels of a decisive break above rare major four-star resistance in the E-mini S&P earlier in the session. Moving through the July 23rd gap at 5600.75 ultimately confirms this unprecedented directional momentum and hands the baton to the E-mini NQ which looks to achieve the same feat at 19,925. Strength overnight pinged that level but given the fallout after the July 23rd settlement was led by tech (GOOG and TSLA earnings), this is arguably an even bigger showdown. If you have capitalized on this move, we believe it to be prudent and smart to make sure to monetize it. There will be a lot of Fed speak this week, at Jackson Hole, leading into Fed Chair Powell’s keynote Friday morning. 


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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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