AI Reversal Sparks Semis Surge — Can the Rally Break Out?

Morning Express

/ by Blue Line Futures

Bill Baurch is back at the NYSE for the CNBC Halftime Report, which airs for the hour at 11:00 a.m. CT. Markets are attempting to rally after news on the Fed, AI, and Trade. Tune in!

 

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

 

S&P, yesterday’s close: Settled at 5652.00, up 26.25

 

NQ, yesterday’s close: Settled at 19,961.00, up 84.50

 

The Federal Reserve’s statement and Chair Powell’s press conference yesterday danced around the risks of inflation while deflecting the idea of rate cuts in the near term. Ultimately, we did not learn anything new, and indices basically wrapped up the presser where they were upon the statement’s release at 1:00 pm CT.

 

The fireworks came afterward, when it was reported that the White House would repeal the AI Diffusion Rule. This was a Biden-era framework that aims to regulate the export and use of advanced AI technologies due to national security risks and was set to take effect on May 15th. Semiconductors finished strongly, NVDA +3% and AVGO +2.3%. Additional tailwinds came overnight when it was reported that the U.S. and U.K. have reached a trade deal.

 

E-mini S&P and E-mini NQ futures chopped around into the closing bell, and the settlement values at 5652 and 19,961, respectively, will provide gap support. Additionally, we have key support above there. Below those levels, the lows during the Fed announcement confirmed strong support at critical areas, detailed in our levels below. Now, it matters whether price action can chew through strong overhead resistance and break out above the ceiling after building out a bull-flag over the last few sessions. This is 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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