New Swing Highs Ahead of CPI as Trade Deal Optimism Builds

Morning Express

/ by Blue Line Futures

New Swing Highs Ahead of CPI as Trade Deal Optimism Builds

 

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

 

S&P, yesterday’s close: Settled at 6045.00, up 34.75

 

NQ, yesterday’s close: Settled at 21,962.50, up 141.00

 

E-mini S&P and E-mini NQ futures settled at new swing highs yesterday, finding tailwinds from comments that U.S.-China trade talks in London “are going well.” Inflation will also come into focus this morning with the May CPI due at 7:30 am CT. Expectations are for Core at +0.3% m/m, up from +0.2% and +2.9% y/y, up from +2.8%. Headline is expected at +0.2% m/m, unchanged, and +2.5% y/y, up from +2.3%.

 

Breaking News: President Trump has signed a deal with China, awaiting Chinese President Xi’s approval. Details are coming out now.

 

Price action remains extremely constructive as it rides positive news flows and consolidates at/under a critical area of resistance. Although we remain very bullish this year, as we discussed in detail yesterday (read the note), we want to poke holes in our thesis. Are we due for a pullback, something to get the bears excited, just to squash their hopes? With the infamous ascending wedge making its way through social media posts, such a head fake pullback would be right on cue. Additionally, a near-term concern would be whether all the good news, right here and right now, is already priced in. Regardless, technicals are driving things, and given yesterday’s new settlement swing high, we see support 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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