Mega-Cap Momentum Drives a Sharp Snapback Rally

Morning Express

/ by Blue Line Futures

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

 

S&P, yesterday’s close: Settled at 6721.25, up 101.00

 

NQ, yesterday’s close: Settled at 24,948.25, up 642.75

 

E-mini S&P and E-mini NQ futures snapped back mightily to start the week. The AI trade came back to life with names like AVGO adding 11.1%, GOOG extending its impressive run with +6.3%, MU +8%, TSLA +6.8%, AMD +5.5%, PLTR +4.8%, META +3.2%, AMZN +2.5%, and NVDA +2%. Although the E-mini NQ is unchanged at the onset of U.S. hours, the run did not stop overnight for AVGO and GOOG, as they each added another 4%. It was reported that META is considering Google’s TPUs for its data centers. Broadcom is one of the largest suppliers of these high-performance, highly specialized chips and works with Google to design its TPU. However, the strength has come at the expense of NVDA, which is -4.5% ahead of the bell.

 

The economic calendar is playing catch-up after the government shutdown. September headline PPI was in line with expectations at +0.3% m/m and +2.7% y/y. Core PPI was a touch soft at +0.1% m/m versus +0.2% expected and +2.6% y/y versus +2.7%. Retail Sales for September was also light at +0.2% m/m versus +0.4% m/m. Although Core Retail Sales was in line at +0.3%, Retail Control was -0.1% m/m versus +0.3%. Also, the ADP weekly Employment Change, which has become more popular in the absence of weekly Jobless Claims, showed -13.5k jobs. Case Shiller for September is due at 8:00 am CT, Industrial Production at 8:15 am CT, and CB Consumer Confidence at 9:00 am CT.

 

Yesterday’s strength was relentless, and both the E-mini S&P and E-mini NQ traded into the thick of last Thursday’s selloff. The E-mini S&P traded just shy of a major three-star level we have at 6738.50-6739.50, and the E-mini NQ tested 24,988, which was also last Wednesday’s early peak. It would be healthy to see a bit of consolidation today. We have a list of key supports in the E-mini S&P, but a hold above major three-star support in each, the E-mini S&P and E-mini NQ, will pave the way for a continuation higher, with those levels 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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