Financials Lead Early-Week Strength as Indices Consolidate Near Highs

Morning Express

/ by Blue Line Futures

 

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

 

S&P, yesterday’s close: Settled at 6943.75, up 43.25

 

NQ, yesterday’s close: Settled at 25,577.75, up 192.50

 

Yesterday kicked off the first full trading week of the year. E-mini S&P and E-mini NQ futures started on strong footing but peaked at 10:30 am CT, and price action has since consolidated. Financials were on fire yesterday, led by names like GS, C, HOOD, COIN, ICE, and more, with a broad rally in the sector that drove the XLF up 2.18%. The sector also lifted the E-mini Dow to fresh record highs. Strength from names like PLTR, LDOS, XOM, and URI also stood out to us. This was accompanied by spottiness in tech; on one hand, semi equipment names like LRCX and KLAC posted banner days alongside AMZN and TSLA, but on the other, semi leaders like NVDA, AVGO, AMD, and MU all pared back slightly. We will look for leadership and upside volume to increase today, which would set the stage for a breakout through record highs in the E-mini S&P.

 

Final SPGI Services PMI for December is due at 8:45 am CT.

 

E-mini S&P futures hit the highest level since the opening bell on December 29th, and failed right at key resistance, whereas the E-mini NQ, given the New Year’s night run-up, stayed contained within Friday’s range. The reception of price action at yesterday’s highs and the resistance levels detailed below will be crucial. Some back and fill is understandable, but we must see a decisive response to first support in order to keep yesterday’s momentum intact, before regaining our Pivot and point of balance to help steer prices higher, 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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