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Nonfarm Payrolls Loom: E-mini S&P and NQ Hold Key Support for Potential Rally

Morning Express

/ by BlueLineFutures

E-mini S&P and E-mini NQ futures violated the first wave of major three-star support, but neither index closed below it—constructive price action ahead of the Nonfarm Payrolls report. Will these levels set the stage for a rally?

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

S&P, Wednesday’s close: Settled at 5959.25, up 5.00

NQ, Wednesday’s close: Settled at 21,360.75, up 1.00


Nonfarm Payroll is due at 7:30 am CT. Expectations are for 164k jobs created in December, down from 227k in November, and revisions will be critical. Wage Growth is estimated at +0.3% m/m, down from +0.4% m/m in November, and +4.0% y/y, unchanged. Traders will also be watching the Unemployment Rate, which is expected at 4.2%, unchanged from November, and within the 4.0% to 4.3% range we have seen since May. Finally, the internals of the report will also drive price action across markets.

E-mini S&P and E-mini NQ futures violated the first wave of major three-star support we highlighted here on Wednesday, which has been adjusted and noted below. However, neither index closed below there, and we find that constructive. Price action did hold the next wave of major three-star support, and continuing to do so through the Nonfarm Payrolls report will set the stage for a rally, with these support levels coming in 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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