Markets Struggle with Uncertainty—Key Levels to Watch

Morning Express

/ by BlueLineFutures

Markets Struggle with Uncertainty—Key Levels to Watch


Momentum names slip and navigating tech earnings in this trading environment.

Blue Line Capital

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

 

S&P, yesterday’s close: Settled at 6029.00, down 107.50

 

NQ, yesterday’s close: Settled at 21,679.25, down 462.50

 

Uncertainties carried us into the weekend. The Michigan survey is very politically divided, highlighted in Consumer Expectations and 1-year Inflation Expectations in the charts above. Division is stoking uncertainties, and markets hate uncertainties.

This is a services-based economy. Also on Friday, SPGI Services PMI unexpectedly contracted for the first time since Feb 2023 and the survey noted “February deterioration due to increased uncertainty about business environment.” This can only extrapolate to earnings fears. Despite great earnings growth in these Q4 reports, soft guidance exudes those uncertainties.

 

Friday’s selloff was a boiling point for these narratives on the heels of WMT earnings. Sprinkle in a large option expiration, forcing a squeeze lower. We also had the beat down in momentum names (PLTR, APP and the likes). Although Friday felt overdone, E-mini S&P and E-mini NQ futures couldn’t bounce in the final hour. Moves like this can also set the stage for a rotation. Given equal weight outperformance and Mag 7 underperformance, how impeccable the timing ahead of NVDA earnings. Coincidence?

Although we remain Bullish, we reduced our Bias given Friday’s bludgeoning, until we can see some repair on the tape. On Thursday and Friday, price action was slammed right on the opening bell. First things first, let’s get through the opening hour to reassess. For now, we would like to see constructive price action at and around our Pivot and point of balance detailed below. However, in order to even begin repairing Friday’s damage, we must see the E-mini S&P clear key resistance 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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