AI Rout Deepens as E-mini Futures Test Critical Support Ahead of CPI

Morning Express

/ by Blue Line Futures

 

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

 

S&P, yesterday’s close: Settled at 6778.50, down 77.75

 

NQ, yesterday’s close: Settled at 24,898.75, down 481.50

 

The AI trade was bludgeoned again yesterday, starting with another tape bomb from ORCL. Blue Owl pulled $10 billion in funding for ORCL’s Michigan data center project. However, the company says the plans are still on schedule without the inclusion of Blue Owl. Also in the news were reports that AMZN could invest $10 billion or more in OpenAI. The market did not welcome another circular financing deal and punished NVDA and AVGO, given that the deal would include the use of AMZN chips. After the bell, a stick save and a beauty from Micron. The company reported a blowout quarter and incredible guidance, driven by AI data center growth and demand for the company’s high-bandwidth memory and storage. The stock is +12% ahead of the bell.

 

November CPI is due at 7:30 am CT, along with weekly Jobless Claims and fresh December Philly Fed Manufacturing. The Bank of England left rates unchanged this morning, and the ECB is expected to do so as well at 7:15 am CT, with its messaging watched closely.

 

E-mini S&P and E-mini NQ futures traded lower in a straight line yesterday, with no ebbs and flows. They held a critical support level, the E-mini S&P at 6779.25-6785.50, which has now been divided and detailed below and aligns with the 50% retracement back to the November low. Ultimately, buyers must jump in, and in order to open the door to neutralize yesterday’s damage, the E-mini S&P must move back above resistance 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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