Rebound Mode: Holding the Line as Bulls Test the Waters

Morning Express

/ by Blue Line Futures

Rebound Mode: Holding the Line as Bulls Test the Waters

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

S&P, yesterday’s close: Settled at 5184.75, down 128.00

NQ, yesterday’s close: Settled at 17,922.25, down 458.50

E-mini S&P and E-mini NQ futures bled lower into the final hour, testing the .618 retracement back to the April 7th low. Things were gearing for the lowest volume day of the month, but a rebound in the final hour, supported by strong volume, helped the E-mini S&P overtake last Tuesday’s volume, April 15th. Outside of that session and March 26th, this was the lowest volume since mid-February. The rebound has carried into the opening bell and helps shift some focus onto earnings, which were broadly good this morning, ahead of TSLA’s report after the bell. In a perfect world, we see continued strength in the indices today, supported by strong volume.

On the economic calendar, we look to Fed speak and a 2-year auction at noon CT.

Price action is holding out above yesterday’s settlement prices, which align to create major three-star support at 5179.25-5184.75 in the E-mini S&P and 17,919-17,952 in the E-mini NQ. Given that sellers came in on the opening bell yesterday, we want to see things hold our Pivot and point of balance in the first hour, detailed below. In a constructive environment, taking out first key resistance at 5262.50 in the E-mini S&P could set the stage for a further rebound, on that must clear our first wave of major three-star 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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