CPI Takes the Spotlight After Blowout Rally

Morning Express

/ by Blue Line Futures

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

 

S&P, yesterday’s close: Settled at 5865.00, up 187.00

 

NQ, yesterday’s close: Settled at 20,948.75, up 812.00

 

It was a gangbusters start to the week, and most importantly, the strong Sunday night was delivered into close. E-mini S&P and E-mini NQ futures had some back and fill during the first half yesterday, but finished strongly, closing at the highest level since March 5th and February 28th, respectively. This comes after the 90-day trade truce was announced between the U.S. and China, but also as both sides continued to ease measures. The U.S. lowered tariffs on what were “de minimis” imports, and China removed its ban on Boeing deliveries. Although things on trade are moving down the right path, the focus will shift to inflation for now. U.S. CPI for April is due at 7:30 am CT. Analysts expect Core at +2.8% y/y and +0.3% m/m, up from +0.1%. The headline read is expected at +2.4% y/y and +0.3% m/m, up from -0.1%.

 

Yesterday’s strength brought E-mini NQ futures to close right at rare major four-star resistance at 20,888-21,000, which has been adjusted slightly to align with yesterday’s settlement, detailed below. The E-mini S&P futures closed right at key resistance at 5864.25. With these levels bringing some headwind to break above, a constructive path today post-CPI will be critical. This starts with first key support and then major three-star support below at 5805.75-5815.75 and 20,690-20,756, aligning with yesterday’s intraday bottoming. A path can quickly be paved higher if price action through the first hour after the bell battles at and above our Pivot and point of balance in the E-mini S&P at 5846 and the E-mini NQ 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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