Tech Earnings Shake Markets: S&P and NQ Navigate Volatility

Morning Express

/ by BlueLineFutures

Tech Earnings Shake Markets: S&P and NQ Navigate Volatility

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

S&P, yesterday’s close: Settled at 6063.00, up 40.75

NQ, yesterday’s close: Settled at 21,670.25, up 265.25

Markets continue to navigate the gauntlet, and for the moment, the focus has shifted back to a deluge of earnings. After the bell yesterday, GOOG disappointed by missing cloud revenues and ramping capex. The stock is down nearly 7% this morning. AMD delivered what seemed to be a decent quarter, especially at its beleaguered valuation, but the market once again expected perfection from the chipmaker. The stock is off by 8% after data center revenue came in shy. However, AVGO benefits from the spend and is +3% ahead of the bell. DIS is little changed after topping profit estimates, but the biggest surprise for us is UBER which appears to have delivered a phenomenal quarter but is off by 6%. Furthermore, UBER’s CFO said, “We believe we remain undervalued despite these strong fundamentals, and plan to be active and opportunistic buyers of our stock.” We at Blue Line Capital are going through the report now and see the dip as a buying opportunity. ARM and QCOM report after the bell today. Contact us at info@bluelinecapitalwealth.com if you want to chat about any of this. (Blue Line Capital holds positions in GOOG, AVGO, UBER, and AMD)

On the economic calendar, the first look at January jobs with ADP Payrolls is due at 7:15 am CT, and then we look to services data. First up is final SPGI Services PMI for January is due at 8:45 am CT, and then the more closely watched ISM Non-Manufacturing report is out at 9:00 am CT. The Atlanta Fed will update its GDPNow forecast at noon CT, and traders should monitor Fed speak.

E-mini S&P futures ran right into our major three-star resistance yesterday, a level that was rare major four-star on Monday, at 6056.50-6067.25. Despite the gap from yesterday’s close at 6063, given volatility we will keep the pocket at its current wide range. Similarly, we now have major three-star resistance in the E-mini NQ at 21,670-21,697. As price action is on its back foot, first key support will be critical in attempting to keep yesterday’s buoyant session intact. This comes 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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