Roadmap for Indices Amid Fed Speak and Earnings
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5331.75, up 4.50
NQ, yesterday’s close: Settled at 18,763.00, up 127.75
Tech started the week off strongly with E-mini NQ futures notching a gain of +0.7% to the E-mini Dow’s loss of -0.5%. Chips led with usual suspects like NVDA and MU having banner sessions and the Semiconductor Equipment space, KLAC, AMAT, and LRCX also doing the heavy lifting. As for the E-mini Dow, more stocks fell than not, but the downside was led by JPM on news CEO Jamie Dimon is closing in on retirement. After the bell yesterday, PANW missed guidance and is down about -8.0%, while LOW topped estimates this morning and is up more than +1.0%. The first half of the week culminates into NVDA’s earnings Wednesday after the bell, but between now and then a barrage of Fed speak continues to hit the tape with Fed Governor Waller, Richmond Fed President Barkin, NY Fed President Williams, and Atlanta Fed President Bostic all set to have comments hit the tape in the 8:00 am CT hour.
E-mini S&P futures eked out a small gain yesterday, and struggled at what was key resistance at 5343.25-5349 for the second session in three, this is now adjusted to major three-star resistance. Similar overhead resistance has been adjusted in the E-mini NQ to align with yesterday’s new all-time high, now coming in at 18,761-18,795. With things consolidating buoyantly to start the week, we will look for continued price action above our Pivot and point of balance through the first hour after the opening bell to set a tone leading to new record highs. In the case of a bit more volatility, a firm response to first key support will keep that buoyancy on track.
Bias: Bullish/Neutral
Resistance: 5336.75*, 5343.25-5349***, 5400-5420.25***, 5459.75-5474.25***
Pivot: 5331.75-5333.75
Support: 5323.75-5327.25**, 5312.75-5315.75**, 5303.25-5308.50****, 5286.75-5292.75***, 5269.50-5274.25****
NQ (June)
Resistance: 18,761-18,795***, 18,825***, 19,085***, 19,319***
Pivot: 18,707-18,732
Support: 18,620-18,635***, 18,532-18,547***, 18,446-18,485***, 18,415**, 18,336-18,371****
Micro Bitcoin (May)
Yesterday’s close: Settled at 70,435, up 3,070
Bias: Neutral/Bullish
Resistance: 71,500-71,935***, 74,100**, 75,795-76,200***
Pivot: 70,435-70,840
Support: 69,945**, 68,829**, 67,365-68,035***, 66,280-66,535**, 65,445***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
S&P, yesterday’s close: Settled at 5331.75, up 4.50
NQ, yesterday’s close: Settled at 18,763.00, up 127.75
Tech started the week off strongly with E-mini NQ futures notching a gain of +0.7% to the E-mini Dow’s loss of -0.5%. Chips led with usual suspects like NVDA and MU having banner sessions and the Semiconductor Equipment space, KLAC, AMAT, and LRCX also doing the heavy lifting. As for the E-mini Dow, more stocks fell than not, but the downside was led by JPM on news CEO Jamie Dimon is closing in on retirement. After the bell yesterday, PANW missed guidance and is down about -8.0%, while LOW topped estimates this morning and is up more than +1.0%. The first half of the week culminates into NVDA’s earnings Wednesday after the bell, but between now and then a barrage of Fed speak continues to hit the tape with Fed Governor Waller, Richmond Fed President Barkin, NY Fed President Williams, and Atlanta Fed President Bostic all set to have comments hit the tape in the 8:00 am CT hour.
E-mini S&P futures eked out a small gain yesterday, and struggled at what was key resistance at 5343.25-5349 for the second session in three, this is now adjusted to major three-star resistance. Similar overhead resistance has been adjusted in the E-mini NQ to align with yesterday’s new all-time high, now coming in at 18,761-18,795. With things consolidating buoyantly to start the week, we will look for continued price action above our Pivot and point of balance through the first hour after the opening bell to set a tone leading to new record highs. In the case of a bit more volatility, a firm response to first key support will keep that buoyancy on track.
Bias: Bullish/Neutral
Resistance: 5336.75*, 5343.25-5349***, 5400-5420.25***, 5459.75-5474.25***
Pivot: 5331.75-5333.75
Support: 5323.75-5327.25**, 5312.75-5315.75**, 5303.25-5308.50****, 5286.75-5292.75***, 5269.50-5274.25****
NQ (June)
Resistance: 18,761-18,795***, 18,825***, 19,085***, 19,319***
Pivot: 18,707-18,732
Support: 18,620-18,635***, 18,532-18,547***, 18,446-18,485***, 18,415**, 18,336-18,371****
Micro Bitcoin (May)
Yesterday’s close: Settled at 70,435, up 3,070
Bias: Neutral/Bullish
Resistance: 71,500-71,935***, 74,100**, 75,795-76,200***
Pivot: 70,435-70,840
Support: 69,945**, 68,829**, 67,365-68,035***, 66,280-66,535**, 65,445***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
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