Too Quiet? AI Chip Curbs Ignite Selling—Can Bulls Bounce Back?

Morning Express

/ by Blue Line Futures

Too Quiet? AI Chip Curbs Ignite Selling—Can Bulls Bounce Back?

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

S&P, yesterday’s close: Settled at 5428.25, down 12.50

NQ, yesterday’s close: Settled at 18,960.25, up 25.50

Things were quiet yesterday, too quiet. That quickly changed after the closing bell when Washington announced new export controls on AI chips, limiting sales to China. This marks a $5.5 billion hit to NVDA’s revenue, and the stock is down more than -6% premarket. While the sector is under pressure, AMD is the other seeing the brunt of the pain -7% on the news. Also, ASML missed revenues and is -4%. We look to earnings from TSM overnight tonight.

A deluge of economic data out of China last night was broadly positive with Industrial Production, Fixed Asset Investment, and Retail Sales topping estimates. GDP y/y beat at 5.4% versus 5.2%, but q/q was light at 1.2% versus 1.4%.

E-mini S&P and E-mini NQ futures are under pressure this morning, breaking below Friday’s settlement at 5391, a level that buoyed waves of selling Monday in the E-mini S&P. This mark stands as our Pivot and point of balance, and it will be critical for the bulls to not let the tape create separation as selling could invite more selling in the near-term. Our Pivot and point of balance in the E-mini NQ 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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