Fresh Record Close, but Breakout Needs Broader Tech Participation

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 6987.75, up 44.00

 

NQ, yesterday’s close: Settled at 25,822.00, up 244.25

 

Yesterday was a new all-time closing high for the E-mini S&P, while the E-mini Dow was the winner, gaining 1% amid a clean breakout. The E-mini NQ gained 0.95% and finished at a downtrend line from the October highs. The memory space was on fire, with MU +10%, SNDK +27.57%, and WDC +16.77% after NVDA CEO Jensen Huang’s comments on the memory market at CES. However, signals are mixed to start today; an undertone of geopolitical concerns meets a deluge of economic data, including the first look at December jobs with ADP Payrolls at 7:15 am CT and the ISM Non-Manufacturing report at 9:00 am CT.

 

E-mini S&P futures settled right at resistance at 6986.75-6988, and poked its head towards the 6994 level. The momentum is on its side, but the largest stocks in the index, the Mag 7, have not participated outside AMZN. This is why we have seen only a solid trading day from the E-mini NQ, and not a gangbusters run. The E-mini Dow has outperformed, with strong participation from banks on Monday and from healthcare yesterday. We want to see the utmost construction today to lay the groundwork for a clean breakout in the E-mini S&P and a move out in the E-mini NQ, not only above the downtrend line from October but also through the gap resistance from December 11th (close prior to AVGO earnings), creating rare major four-star 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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