Tech Takes the Lead: E-mini NQ Breaks Out as Rate Cuts Loom

Morning Express

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

S&P, yesterday’s close: Settled at 6061.75, up 10.25

NQ, yesterday’s close: Settled at 21,218.00, up 224.50

E-mini NQ futures outpaced all other indices and we believe this could be a harbinger of a December to remember for the Mag 7. META, TSLA, AMD, and AVGO were leaders, but AMZN, GOOG, and MSFT were not far behind, while AAPL is the first to set a fresh record high.

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Yesterday, Fed Governor Waller said he leans toward a rate cut in December. While he noted progress on inflation may be stalling, he added, “the current policy continues to be significantly restrictive.” NY Fed President Williams said more rate cuts are needed but was unsure on timing. The CME FedWatch Tool now signals a 74% probability that the Fed cuts 25bps on December 18th. Today, we look to JOLTS job openings at 9:00 am CT and tomorrow a slate of Services data is due.

Most importantly, the E-mini NQ cleared rare major four-star resistance at 21,011-21,024. This allows price action to fill in the top part of the ascending triangle we have noted. Although the index has trailed others, it has remained extremely constructive; holding a trend line from the August low. Still, the market has been on fire and a day or two to cool off would not surprise us. In this case we would want the E-min NQ to have the least pullback and remain constructive within range of 21,011-21,024. This is realistic given the E-mini Dow was negative to start the week, despite the rise in tech. Upon such a pullback, we would lean into what is now rare major four-star support in 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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