Cautious Tape as Fed Minutes and Powell Awaited

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Cautious Tape as Fed Minutes and Powell Awaited

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

 

S&P, yesterday’s close: Settled at 6469.25, down 2.25

 

NQ, yesterday’s close: Settled at 23,797.75, down 6.25

 

E-mini S&P and E-mini NQ futures traded in the narrowest ranges since March 2024 and August 2024, respectively. The tight trading range comes due to a lack of clarity around the Ukraine-Russia talks that took place at the White House over the last few days. Also, as the week got started, traders and investors are looking forward to the Minutes from the July FOMC meeting tomorrow and Fed Chair Powell’s keynote speech at Jackson Hole on Friday. Notably, PANW is +6% after beating earnings estimates yesterday, HD reports this morning, Building Permits and Housing Starts are due at 7:30 am CT, and Fed Governor Bowman speaks at 1:10 pm CT.

 

The quiet tape yesterday and slow drip from record highs opens the door for sellers as market participants de-leverage ahead of this week’s events. Resistance aligning with volume that traded through settlement Thursday and the opening bell range Friday still holds and is detailed in our levels below. Our Pivot and point of balance remains aligned with the late July high at 6468.50 in the E-mini S&P and 23,845 in the E-mini NQ. Although it is notable there are multiple layers of major three-star support underpinning the tape, a proper pullback through today and tomorrow should test into…

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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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