Stocks Drop as Hot PPI and Fed Outlook Weigh on Markets

Morning Express

/ by Blue Line Futures

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

S&P, yesterday’s close: Settled at 6660.00, down 17.00

NQ, yesterday’s close: Settled at 24,580.00, down 71.25

E-mini S&P and E-mini NQ futures struggled yesterday, and it wasn’t yesterday’s price action that was so ugly; it was Wednesday’s early morning selling on no major news before the hot PPI data. I would stop short of saying there was no news at all on Wednesday morning, but the killing of Iran’s Intelligence Minister, which hit the tape then, may have been viewed as drawing the conflict out. This was followed by PPI and hawkish undertones from the Federal Reserve, which brought further technical damage that the market has to work through.

Yesterday’s late rally on comments from Netanyahu and further news on the exemption of Russian Oil was definitely beneficial for the indices, helping them respond to the lows. However, the failure to follow through overnight is disappointing, and this leads into today’s Triple-Witching Expiration. March index futures and options expire at the opening bell, while index and ETF options expire at the closing bell. A total of roughly $5.7 to 6 trillion in notional option value will expire, one of the largest March expirations on record, and it will invite additional volatility. 

E-mini S&P and E-mini NQ futures rebounded at the end of the day to cover Wednesday’s closing gap, but did not extend gains. Instead, both indices swiped lower early this morning and briefly (so far) took out yesterday’s low. The setup is now straightforward; E-mini S&P futures must clear major three-star resistance at 6685.75-6692, and E-mini NQ futures must clear 24,651-24,691. Through today’s opening hour, we want to see price action hold above our Pivot and point of balance to help bring calm to downside volatility, with those levels 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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