graph of the movement of the value of bitcoin

Buyer’s Strike: E-mini Indices Brace for Key CPI Data

Morning Express

/ by BlueLineFutures | Leave a comment

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

S&P, yesterday’s close: Settled at 6046.25, down 19.50

NQ, yesterday’s close: Settled at 21,405.25, down 78.50

The U.S. CPI report for November is due at 7:30 a.m. CT. Expectations are for Core CPI to rise by 0.3% m/m and 3.3% y/y; this would be steady for three months in a row. Analysts estimate headline to uptick slightly to 0.3% m/m from 0.2% and 2.7% y/y from 2.6%. As of this morning, according to the CME FedWatch Tool, there is an 86.1% probability that the Fed cuts rates by 25bps next Wednesday.

E-mini S&P and E-mini NQ futures had a tough road yesterday. Neither index violated any critical areas of support, leading us to see this as more of a buyer’s strike and the selling driven by profit-taking ahead of CPI. For the most part, the heaviest selling was in the high beta and longest duration names. We welcome such constructive selling, lending a higher probability of a positive market reaction in the case of a favorable CPI report. Compared to a market that was melting higher and finished yesterday strongly.  

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Both indices settled right at a critical area of support, adjusted slightly, and now defined at 6046.50-6051.50 in the E-mini S&P and 21,341-21,409 in the E-mini NQ. Neither has bounced much from this level, which lowers our Pivot and point of balance, detailed below. A break below these supports would not be detrimental to the bull case, and we have significant areas of support with the most critical being…

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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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