TSMC Sparks Tech Bounce as S&P Reclaims 7000 Test

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 6966.25, down 35.50

 

NQ, yesterday’s close: Settled at 25,631.00, down 275.00

 

Yesterday was very bifurcated. We got a fresh record high in the E-mini Russell 2000, and sectors like energy, industrials, and healthcare did well, while tech struggled mightily. However, TSMC reported earnings overnight and is up 5%, helping to reinvigorate the beleaguered sector.

 

The E-mini S&P is +0.5% and the E-mini NQ +1% ahead of the U.S. opening bell. Yesterday’s close will bring major three-star support in the E-mini S&P at 6966.25 and 25,631 in the E-mini NQ. However, given the strength overnight, we do have significant supports between current price action testing 7000 in the E-mini S&P and yesterday’s settlement. We believe the true test through the first half of the day will be major three-star support at 7014.50-7017.50 in the E-mini S&P; a close above there today and on the week will be very bullish.

Bias: Neutral/Bullish

 

Resistance: 7001.75-7005***, 7014.50-7017.50***, 7024.25-7025.25**, 7036.25*, 7042.50**, 7057.50***

 

Pivot: 6994

 

Support: 6979.75-6983.50***, 6972.25*, 6966.25***, 6955.75-6959.50**, 6945.50-4948.25***, 6929.25-6936.75***, 6920.25-6924.25***, 6908.75**, 6900.50***, 6887.25-6892.50***, 6870.50-6872**, 6856.50***, 6830.50***

 

NQ (March)

 

Resistance: 25,906-25,938**, 25,971-25,996****, 26,054**, 26,120***, 26,367***

 

Support: 25,790-25,810***, 25,714-25,746**, 25,631***, 25,538-25,578***, 25,502**, 25,427-25,457***, 25,362-25,385***, 25,262-25,287****, 25,224**, 25,161-25,193**

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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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