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E-mini S&P and NQ Futures Rally into Fed Decision Day

Morning Express

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

S&P, yesterday’s close: Settled at 5958.25, up 146.00

NQ, yesterday’s close: Settled at 20,894.00, 552.25

E-mini S&P and E-mini NQ futures continued the face ripping rally through yesterday’s close. While the E-mini S&P has decisively broken out above the 5927.25 October 17th record high, the E-mini NQ has not cleared its 21,237.75 July 11th record. With the E-mini NQ nearly half of one percent away, it makes for a terrific storyline into today’s Federal Reserve policy decision at 1:00 pm CT. The FOMC is expected to cut rates by 25bps today with a 100% probability, according to the CME FedWatch Tool. The committee’s communication via statement and Fed Chair Powell’s press conference will be critical.

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Today’s economic calendar showed a bit of reversal in what has been better skewed Labor/Productivity data with Q3 Nonfarm Productivity rising by +2.2% versus +2.6% expected and Q3 Labor Costs rising by +1.9% versus +1.1% expected. Most importantly, Q2 Labor Costs were revised from +0.4% to +2.4%. This is inherent of inflationary pressures. Initial Jobless Claims came in at 221k and were in line with expectations given last week’s revisions.

We will maintain a slight Bullish Bias, simply because the volatility should be navigated with caution. The path is very clear, we have major three-star support at yesterday’s settlement, we see this as a ‘buy the first test’ level, and believe the melt-up continues while above there. E-mini NQ futures face resistance aligning with its record closing level at 21,160-21,179. For the E-mini S&P, we are keeping it simple, while above rare major four-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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