S&P and Nasdaq Rip Higher—But Resistance Ahead Could Make or Break the Rally

Morning Express

/ by Blue Line Futures

S&P and Nasdaq Rip Higher—But Resistance Ahead Could Make or Break the Rally

 

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

S&P, last week’s close: Settled at 5391.25, up 89.25 on Friday and 281.00 on the week

NQ, last week’s close: Settled at 18,807.50, up 323.00 on Friday and 1,268.50 on the week

E-mini S&P and E-mini NQ futures finished Friday on strong footing, rebounding from what appears to be peak panic just a week earlier. The news cycle evolved over the weekend with temporary exemptions for smartphones, laptops, and semiconductor equipment bringing added tailwinds, though it was later clarified by President Trump to be temporary and simply moving to a different tariff bucket.

Today’s economic calendar brings NY Fed 1-year inflation expectations, which has been more anchored when compared to the more volatile and politically infused Michigan read that printed an eyepopping 6.7% Friday; talk about peak panic. We also look to a deluge of Fed speak.

E-mini S&P and E-mini NQ futures have seen a stew of supportive remarks out of the White House after market participants deleveraged, with a supportive technical landscape in the back-half of the week. On Friday, we said:

We find reason to believe this market is ready to rally and yesterday’s retreat, though very large and sloppy, is a typical response and range given the velocity and size of Wednesday’s knee jerk rip higher. Price action did respond to support levels yesterday, most notably the 50% retracement back to the Sunday night low in both the E-mini S&P and E-mini NQ, which is now well-defined as a line in the sand at 5146.75-5180.25 and 17,919-17,923, respectively. A break below here would water down our upbeat thesis. We must see constructive price action at our pivot and point of balance, detailed below. All of this could pave the way for a test of rare major four-star resistance in the E-mini S&P 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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