E-mini S&P and NQ Push Higher Amid Earnings and Key Resistance Levels

Morning Express

/ by BlueLineFutures

E-mini S&P and NQ Push Higher Amid Earnings and Key Resistance Levels

E-mini S&P futures have now cleared the December 26th gap close at 6095.25, but we now want to see this on a daily and weekly basis. The E-mini NQ is poking its head above the January 6th high of 21,896 this morning, which is still key resistance.

By: Bill Baruch

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

S&P, yesterday’s close: Settled at 6084.25, up 50.75

NQ, yesterday’s close: Settled at 21,709.50, up 114.75

E-mini S&P and E-mini NQ futures closed out a choppy but stellar start to the week before NFLX crushed earnings. The streaming platform beat top and bottom estimates and added 18.9 million users in the 4th quarter, versus 9.2 million estimated, after taking on live boxing and NFL events. The stock is +14% ahead of the open. This morning, P&G and J&J both beat top and bottom-line expectations, but price action is mixed.

The U.S. Dollar slipped sharply yesterday, underpinning a strong session across stocks and most commodities. Last night, the U.S. Dollar jumped briefly after President Trump took shots at the EU and China, in an ever-present reminder to stay nimble.

The economic calendar is quiet this week, leading up to the Bank of Japan policy decision overnight Thursday and Flash PMI data Friday.

E-mini S&P futures have now cleared the December 26th gap close at 6095.25, but we now want to see this on a daily and weekly basis. The E-mini NQ is poking its head above the January 6th high of 21,896 this morning, which is still key resistance. However, the December 26th gap close still stands as a significant area of resistance in which it must clear. We remain more Bullish in Bias, but believe it would be smart to monetize some of this move. In our Commodity Trading Advisor (CTA), Blue Creek Capital Management, we have exited our long E-mini NQ futures and E-mini S&P call spreads while trimming our E-mini Russell call spreads. Feel free to contact our trade desk to discuss this. It is common to see some back and fill after a gap high on the opening bell, and if our Pivot and point of balance (detailed below) is surrendered, the bulls must respond to our first support, major three-star levels 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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