E-mini S&P and NQ Consolidate as Traders Eye Key Data and Fed Expectations

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

S&P, yesterday’s close: Settled at 6016, up 3.00

NQ, yesterday’s close: Settled at 21,159.50, down 30.00

E-mini S&P and E-mini NQ futures remain buoyant ahead of today’s slate of Producer Prices and Initial Jobless Claims. Both reports are due at 7:30 am CT and PPI comes on the heels of yesterday’s Consumer Price Index data that was largely in line with expectations. Although pre-rounding, it was a touch higher, markets viewed the data as a relief with many participants believing the number could run a hotter than estimates. In fact, in relief of such, the CME Group’s FedWatch Tool has shown the probability of a 25bps cut at the Fed’s December meeting up to 82.5%, up from 62% yesterday morning before CPI, before settling in at 79% this morning.

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E-mini S&P and E-mini NQ futures continue to consolidate at record levels, clinging to one of the most impressive breakouts in history. Ultimately, both indices are creating a pennant and more often than not pennants resolve in the underlying direction. While this certainly supports the bull case, we do believe the market is exhibiting some exhaustion and in order for a more sustainable rally through year-end, a pullback is needed. Overhead resistance is defined in our levels below, the lines are drawn in order to continue to melt-up in the case of breaking north of the pennant. On the other end, dips through the first half of the week have been quickly defended and this brings an adjusted major three-star support to..

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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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