S&P and NQ Pull Back from Highs—Healthy Consolidation or Trouble Ahead?

Morning Express

/ by Blue Line Futures

S&P and NQ Pull Back from Highs—Healthy Consolidation or Trouble Ahead?

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

 

S&P, yesterday’s close: Settled at 5959.75, down 22.75

 

NQ, yesterday’s close: Settled at 21,447.25, down 79.75

 

E-mini S&P and E-mini NQ futures slipped overnight, after battling back from a wave of midday selling yesterday. While the market is carving out the reestablishment of its definitive uptrend, one could argue its historic rebound is too much, too quick, and it could use a consolidation lower to rebalance for its next run. There is no irony that this consolidation comes below rare major four-star resistance in the E-mini S&P futures at 6019.50-6040.50, aligning with the February settlement price, while the SPY and SPX did ping that pocket perfectly through Friday and Monday.

E-mini S&P and E-min NQ futures are doing a little back and fill into Monday’s opening bell range. There is well defined support that came into play at that time and received additional volume. In the most constructive manner, the E-mini S&P would respond to major three-star support at 5905-5912.25 and the E-mini NQ to 21,202-21,247. Below there, we have well-defined support in the E-mini S&P aligning with Thursday’s midday strength and the Sunday night low, detailed in our levels below. For the E-mini NQ, this aligns Tuesday’s follow-through with the Sunday night low. We will look for steady price action above our pivot and point of balance to help shift the momentum back to the buyers, with these levels coming 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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