New Month, Same Playbook

Morning Express

/ by BlueLineFutures | Leave a comment

E-mini S&P and E-mini NQ futures are off from Friday’s ramp. We give you a playbook with actionable levels to attack the day.

Dell posted a tremendous quarter and soothed margin fears. Bill Baruch joined the CNBC Halftime Report to break it all down.

Blue Line Capital

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

S&P, last week’s close: Settled 5661.00, up 51.00 on Friday and 8.50 on the week

NQ, last week’s close: Settled at 19,623.00, up 229.75 on Friday and down 167.75 on the week

The page has turned to September, but the choppiness that characterized last week remains. E-mini S&P and E-mini NQ futures are off their best levels, surrendering the late Friday and month-end ramp. There was no major news overnight, and the soft tape pins indices back into last week’s range ahead of a jam-packed week of economic data. Today kicks things off with the closely watched ISM Manufacturing report for August at 9:00 am CT, which comes just after the final S&P Global Manufacturing read at 8:45 am CT. Tomorrow, we look to JOLTs, Thursday brings ADP and Services PMI, and the week is capped off with Nonfarm Payrolls on Friday.

According to the CME FedWatch Tool, there is a 69.4% probability the Fed will cut rates by 100bps before yearend, and whether or not they do, we believe this probability is overzealous ahead of this week’s data dump.

E-mini S&P and E-mini NQ futures slipped early this morning from the European open onward and are now back midrange. Our Pivot and point of balance at 5632 and 19,519 will be crucial in helping to determine whether this move is a blip and Friday’s ramp continues, or if sellers are in the driver’s seat. In the case of a rebound, the ceiling we defined last week is at 5661.75-5665.25 and 5669-5672.75 in the E-mini S&P and 19,623-19,656 and 19,690-19,705 in the E-mini NQ; a close above here is needed to break range and invite what is likely to be strong buy volume. To the downside, there is significant support in which neither index closed below last week and has buoyed waves of selling at….

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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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