Indices Charge Higher into NVDA Earnings—Major Resistance in Sight

Morning Express

/ by Blue Line Futures

Indices Charge Higher into NVDA Earnings—Major Resistance in Sight

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

 

S&P, yesterday’s close: Settled at 5934.25, up 117.25

 

NQ, yesterday’s close: Settled at 21,460.50, up 485.50

 

E-mini S&P and E-mini NQ futures continued their strength coming out of Memorial Day, finishing 1% and less than 0.5% from the May 20th swing high. Yesterday morning, home price data came in soft, which is indicative of disinflation, and the CB Consumer Confidence reading was a huge surprise at 98 versus 87.1. Given the poor sentiment of late and lingering stagflationary fears, the one-two punch brought additional tailwinds to carry the indices higher. This now leads into Nvidia’s (NVDA) much-anticipated earnings report after the bell.

 

E-mini S&P futures are probing into the May 21st 20-year auction fallout, which aligns to create major three-star resistance at 5937.50-5948 and 5956.25-5959.75. The E-mini NQ had all but made a new swing high ahead of the auction and was testing resistance that still stands at 21,506-21,545. We believe the underlying strength shows similarities to 2019, but it is also undeniable that the AI trade has come back to life since the hyperscalers’ earnings reports, and Alphabet’s Google I/O event (GOOG, GOOGL). With NVDA’s earnings after the bell today, the door is wide open for tech leadership. Although a breakout above the May 20th highs should provide a significant bullish tailwind, we cannot ignore strong overhead resistance in the E-mini S&P and 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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