S&P and NQ Rally into Resistance—Can Bulls Hold the Line?

Morning Express

/ by Blue Line Futures

S&P and NQ Rally into Resistance—Can Bulls Hold the Line?

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

 

S&P, yesterday’s close: Settled at 5511.25, up 109.50

 

NQ, yesterday’s close: Settled at 19,322.00, up 518.00

 

E-mini S&P and E-mini NQ futures extended gains on the week yesterday as traders and investors welcomed more risk. For the moment, the White House’s tone has shifted to de-escalation. Coupled with a strong start to earnings season, this has boosted the E-mini S&P to its highest level since Thursday, April 3rd, and the E-mini NQ to its highest level since the April 2nd tariff announcement, when the market reversed gains into losses.

 

GOOG reported a strong quarter, topping estimates, announcing a $70 billion buyback, and increasing its dividend by 5%; the stock is up 3.5% premarket. META doesn’t report until April 30th, but announced job cuts in its Reality Labs division after the bell yesterday, helping to support the stock by 2.5% ahead of the bell.

 

The final Michigan Consumer data for April is due at 9:00 a.m. CT. This includes the egregiously high 1-year inflation expectations of 6.7%. Any revision lower would be welcomed.

 

E-mini S&P and E-mini NQ futures are off their best levels of the session, but the tape remains extremely constructive. However, it is critical that today’s path does not erode, and price action responds to areas of support. If this holds true, we could see a continued rally into the thick of the April 2nd reversal, for which we have updated our resistance levels, detailed below. First, we had strong resistance levels at 5497.75-5499.75 in the E-mini S&P and 19,255 in the E-mini NQ, which were exceeded yesterday. These are now at our Pivot and point of balance, and we must see buyers defend these areas. If we slip further, there is a lineup of key support levels in the E-mini S&P highlighted below, and major three-star support 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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