Markets Eye Key Support Amid Selling Pressure—Will NVDA Earnings Spark a Rebound?

Morning Express

/ by BlueLineFutures

Markets Eye Key Support Amid Selling Pressure—Will NVDA Earnings Spark a Rebound?

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

S&P, yesterday’s close: Settled at 6000.75, down 28.25

NQ, yesterday’s close: Settled at 21,420.25, down 259.00

E-mini S&P and E-mini NQ futures finished Monday’s session on the lows and probed lower overnight. On the bright side, both indices tested a critical trend line from the August lows. Yes, we have remained upbeat, all things considered, it is hard not to when the S&P is still just 2.5% from a record high. At the least, we think the defined support is enough to encourage a consolidation higher ahead of a deluge of tech earnings Wednesday after the bell, headlined by NVDA.  

Given Friday’s Michigan survey, which he highlighted here yesterday, we are eager to see today’s Confidence Board Consumer Confidence read at 9:00 am CT.

We must see a shift in the opening bell flow. For three sessions in a row, sellers have hammered the tape immediately upon the open. Our Pivot and point of balance, detailed below, will be critical; we must see price action respond and stay afloat here. Below that is major three-star support at 5982.25-5987.75, and the trendline at 5970-5977.75. If the market can shift for a rebound, key resistance at yesterday’s midday high is crucial at 6044.50-6049.50, but we must see it clear major three-star resistance at yesterday’s opening bell high 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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