E-mini S&P Tags Resistance, NQ Breaks Out—Next Stop Ahead?

Morning Express

/ by Blue Line Futures

E-mini S&P Tags Resistance, NQ Breaks Out—Next Stop Ahead?

 

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

 

S&P, yesterday’s close: Settled at 6401.50, up 5.25

 

NQ, yesterday’s close: Settled at 23,377.50, up 66.75

 

E-mini S&P futures set yet another record high yesterday, and again overnight. E-mini NQ futures came up a quarter point shy yesterday but hung around the rim for cleanup duty overnight. We are in the summer doldrums, the grind higher with little volatility is real. Will some buyer exhaustion emerge after achieving our next major three-star resistance in the E-mini S&P?

 

Today’s economic calendar brings Durable Goods Orders at 7:30 am CT. The headline read came in less worse than expected at -9.3% m/m versus -10.4%.

 

Yes, the E-mini S&P tagged major three-star resistance at 6420.25 overnight, trading to 6421.25, and the E-mini NQ cleared its previous high of 23,425, trading to 23,442. There was a slight pullback from session highs ahead of the close yesterday, and those settlements will align to create our Pivot and point of balance. First key support in the E-mini S&P comes in at 6396.25, and in the E-mini NQ at 23,293-23,310. These support levels held the opening bell range low yesterday, but a decisive violation could encourage some profit taking ahead of the weekend. If price action remains as constructive as it has been and the tape levitates once again, our next major three-star resistance levels come 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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