Election Day Uncertainty Weighs on E-mini S&P and NQ Futures Amid Economic Signals

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Bill Baruch is back at the NYSE for the CNBC Halftime Report. It is Election Day and Fed week, on the heels of earnings, nonetheless. There will be a lot to discuss. Tune in!

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

S&P, yesterday’s close: Settled at 5743.25, down 15.00

NQ, yesterday’s close: Settled at 20,086.00, down 67.25

E-mini S&P and E-mini NQ futures were back and forth yesterday, settling in the bottom half of their ranges. The tight trade comes with Election Day front and center and a decision that could easily drag out for 24-48 hours and into Thursday’s Federal Reserve policy decision. Whereas the Presidential race is an extremely close call, Congress is likely what markets are waiting to understand tonight. A split Congress will make it challenging for either Presidential candidate to jam legislation through. This will be interpreted as less spending, helping to buoy Treasury markets (lower yields).

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From the economic calendar, Services PMI from China topped expectations last night at 52 versus 50.5 expected. Services data from the U.S. will also be market-driving. First up is the final SPGI read for October at 8:45 a.m. CT, followed by the more closely watched ISM report at 9:00 a.m. CT. At noon CT, there is a 10-year Note auction, and Atlanta Fed GDPNow will be updated.

E-mini S&P and E-mini NQ futures opened lower intraday yesterday but responded to support and were then contained by resistance. Our levels are updated below, and we will lean on our Pivot and point of balance to help usher prices for the E-mini S&P 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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