S&P Futures Slip as Hot PCE and Soft GDP Rattle Markets

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/ by Blue Line Futures

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

 

S&P, yesterday’s close: Settled at 6877.00, down 17.25

 

NQ, yesterday’s close: Settled at 24,858.75, down 97.25

 

E-mini S&P and E-mini NQ futures finished lower amid a consolidation day yesterday. Tech and financials struggled, names like AAPL and GS were down, and asset managers were hit hard amid credit headlines. However, industrials had a great day, with DE up 11.58% after earnings and MTZ up 4.33%. Energy and Utilities also showed up.

 

This morning, all eyes are on the economic calendar. The first look at Q4 GDP came in light, at 1.4% versus 2.8% expected, and down from 4.4% in Q3. Prices rose with Core and headline PCE for December coming in hotter at +0.4% m/m versus +0.3% expected. The GDP Price Index for Q4 showed the same at +3.7% q/q versys 2.8% expected, but in line with Q3’s +3.7%. We now look to flash PMIs for February at 8:45 am CT, and Michigan Consumer data for February at 9:00 am CT.

 

E-mini S&P and E-mini NQ futures both held second key support at 6848.50-6850.50 and 24,752-24,767 midday yesterday and finished on better footing. Although the E-mini S&P fell short of our Pivot and point of balance at 6883.75-6885.50, the E-mini NQ held its on a closing basis. The rebound carried overnight, but the higher inflation and slower economic growth data this morning has reinvigorated a wave of selling. Coupled with another failure at resistance overnight, all of this opens the door for a retest of major three-star supports, and we will be looking for a potential buying opportunity at major three-star support in the E-mini S&P 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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