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

S&P, last week’s close: Settled at 6413.50, up 47.00 on Friday and 149.00 on the week

NQ, last week’s close: Settled at 23,713.75, up 217.50 on Friday and 830.00 on the week

E-mini S&P and E-mini NQ futures capped off a strong week Friday, led by a resurgence in AAPL, which gained 4.24% on Friday and 13.3% on the week after news of an additional $100 billion invested in U.S. manufacturing. The tech trade, anchored by AI, certainly led the rebound from the Nonfarm Payroll pullback; GOOG +6.4%, PLTR +21.9%, and MU +13.4%, while NVDA and AVGO each added more than 5%. Overnight price action remains buoyant despite reports that NVDA agreed to pay the U.S. Government 15% of its revenue from sales to China. Furthermore, China’s state media said on Sunday that NVDA’s H20 chips pose security concerns. Although one would imagine this pours cold water over last week’s strength, there have been few signs overnight, as price action has even held the post-bell melt higher late Friday. Today’s tape will take us into tomorrow’s July CPI report.

E-mini S&P and E-mini NQ futures have held at the upper-end of Friday’s range, probing our next area of major three-star resistance at 6422.75-6427.50 and 23,752. Friday’s settlement aligns to create our Pivot and point of balance at 6413.50-6414.50 in the E-mini S&P and 23,671-23,713 in the E-mini NQ; the bulls are in the driver’s seat while out above here. Friday’s strong open has left a gap from Thursday’s settlement, and this will be seen as unfinished business as the week gets underway. For now, we will view our first support in the E-mini S&P as helping to define the immediacy of the rally, a major three-star level 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 2-WEEKS OF FREE RESEARCH

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 [email protected] 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.