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E-mini S&P Hits New Record as Tech Prepares to Lead: Earnings Season Kicks Off

Morning Express

/ by BlueLineFutures | Leave a comment

Bill Baruch joins the desk to talk Mag 7 stocks, Bank Earnings, some of our favorite Energy names, and a new addition to the portfolio!

Tune in daily to catch Bill Baruch dissecting the day’s market happenings after the bell rings. Gain insightful analysis and stay ahead in the financial game with Bill as your guide!

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

  • NQ, yesterday’s close: Settled at 20,619.25, up 169.25
  • S&P, yesterday’s close: Settled at 5908.25, up 48.50

E-mini S&P futures set another record high, and the E-mini NQ finally cleared its September 26th high. All things considered, we have a formidable breakout on our hands in the E-mini S&P, and now that the E-mini NQ is trading at its highest since July 16th, it can take the baton. Bill Baruch joined the CNBC Halftime Report yesterday (video above). He noted the underperformance in Mag 7 stocks relative to the S&P despite rising earnings expectations and how this opens the door for Tech leadership into yearend.

We are diving headfirst into earnings season, and the banks continue to impress. Goldman Sachs, Bank of America, and Citigroup all beat top and bottom line estimates and are trading higher ahead of the bell. United Healthcare beat but underwhelmed on guidance and is trading lower ahead of the bell, along with Johnson & Johnson.

NY Empire State Manufacturing missed largely this morning. We look to NY Fed 1-year Inflation Expectations after the Michigan Consumer read came in higher on Friday. Traders also want to keep an ear to the ground for Fed speak.

Price action in E-mini S&P futures is trying to raise the floor, and we now have major three-star support at 5883-5888.75. However, a steady tape today will lift that to 5898.75-5903.75. Within the E-mini NQ, we must see a follow-through that chews through yesterday’s spike resistance at 20,666-20,680. Steady price action at and above our Pivot and point of balance through the first hour will help stoke higher prices, but a break below major three-star support 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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