Bullish Momentum Builds as Rate Cut Odds Climb

Morning Express

/ by Blue Line Futures

Bullish Momentum Builds as Rate Cut Odds Climb

 

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

 

S&P, yesterday’s close: Settled at 6356.00, up 91.50

 

NQ, yesterday’s close: Settled at 23,296.50, up 412.75

 

E-mini S&P and E-mini NQ futures started the week with a monster session. The bull switch was flipped back on after sellers had taken the reins Thursday and Friday. We believe the main catalyst to be the odds of three 25bps cuts by the Federal Reserve before year-end, which became as high as a 55% probability yesterday. An additional tailwind was a constructive response to a strong area of support in E-mini S&P futures, aligning with June’s close and the low from July 16th when President Trump was believed to be firing Fed Chair Powell. The odds of three 25bps cuts are currently at 49.1%.

 

President Trump is expected to join CNBC this morning at 7:00 am CT. Services data is front and center thereafter. The final SPGI read for July is due at 8:45 am CT, before the more closely watched ISM report at 9:00 am CT.

 

E-mini S&P futures are testing the gap close from last Thursday and the .618 Fibonacci retracement of the three-day range, which aligns to create major three-star resistance at 6374.25-6381. E-mini NQ futures are also testing that gap close, which aligns with the 50% Fibonacci and comes in at 23,305-23,365. The tape is very strong, and continued price action out above our Pivot and point of balance, as well as major three-star support, will continue to feed the bull case, with that support 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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