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Tech Leads Rally as E-mini S&P Hits 6000 and Fed Cuts Rates

Morning Express

/ by BlueLineFutures | Leave a comment

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

S&P, yesterday’s close: Settled at 6003.75, up 45.50

NQ, yesterday’s close: Settled at 21,224.75, up 330.75

The E-mini NQ finally set a fresh record high, its first since July. Suitably, yesterday was a tech led rally with XLK +1.74% and more granularly a massive day from software with IGV +2.5%. E-mini S&P futures also had a party, crossing the 6000 mark for the first time.

The Federal Reserve cut 25bps yesterday but spoke about risks in the economy being balanced and removed verbiage in its statement pointing to having ‘greater confidence that inflation is moving sustainably toward its 2% target’. When asked at his press conference Fed Chair Powell pointed to the downward trajectory of inflation being achieved in order to break ground on rate cuts, and it is unnecessary to focus on inflation in the same manner that it had for the last three years. Regardless, we are mindful that this could be perceived as a bit more hawkish than expected.

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The rally continues and major three-star resistance levels from yesterday in the E-mini S&P at 6004.75 and that which aligned with previous closing highs in the E-mini NQ at 21,160-21,179 are now our Pivot and point of balance. While the immediacy of the rally may be reaching some exhaustion and a consolidation within the first half of today’s session would be completely normal, a response to our listed supports and then regaining the aforementioned Pivot and point of balance would set up for a very constructive weekly close and this could easily pin the E-mini S&P deep into our wide rare major four-star resistance 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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