E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 5882.25, up 7.75
NQ, yesterday’s close: Settled at 20,919.50, down 27.75
E-mini S&P and E-mini NQ futures chopped around yesterday after PPI came in much cooler than expected. Either markets are waiting around on CPI this morning, or fears have completely flipped from rising inflation to slowing growth. Expectations for December Core CPI are +0.3% m/m, matching November’s rise, and +3.3% y/y, unchanged. However, headline CPI is expected to rise by +0.4% m/m, hotter than November’s +0.3%, and +2.9% y/y, up from +2.7%. It is also important to note that according to the CME’s FedWatch Tool only one rate cut this year is expected with a 74.9% probability.
If this market is not broken by CPI, we will increase our Bullish Bias and expect a multiday rally.
E-mini S&P futures spiked to a new session high after PPI, but quickly failed right into major three-star resistance at 5916.50-5921.50. This failure leaves strong resistance on a closing basis at 5907.25-5908. The E-mini NQ did not take out a new session high yesterday morning and remained contained by major three-star resistance at 21,112-21,153. What is interesting is that twice yesterday, price action tried to shake out weak hands. In fact, the E-mini NQ set a new low late in the day before rallying. The line is drawn to the downside and we have rare major four-star support at…
Want to keep up with the market?
Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox.
Sign Up for Free Futures Market Research – Blue Line Futures
Futures trading involves 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 identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.