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

S&P, yesterday’s close: Settled at 6413.25, down 19.25

NQ, yesterday’s close: Settled at 23,324.00, down 145.50

E-mini S&P and E-mini NQ futures traded lower during the opening hour yesterday, but each responded to their respective support and left a decent tail. However, many individual names had monster tails, as seen in NVDA or PLTR. Although tech led to the downside, many sectors had great sessions, such as financials, healthcare, and staples. Today will be an inflection of sorts. Are yesterday’s strong technical reversals a tell for momentum to be regained, will this become a rotation-powered market, or is there a deeper de-leveraging taking place?

WMT is -3% after reporting this morning. Initial Jobless Claims came in higher than expected at 235k versus 226k, and Philly Fed Manufacturing for August was -0.3 versus +6.8 expected. Minutes from the July Fed meeting showed the committee outweighed inflation fears over unemployment concerns in their decision to leave rates unchanged. Flash PMIs are due at 8:45 am CT. These narratives will take us into Fed Chair Powell’s keynote speech at Jackson Hole tomorrow.

E-mini S&P and E-mini NQ finished yesterday’s session trading to the highest level since the opening bell, but grinded lower over the course of the night and ahead of today’s open. This pins the tape back into the range it traded shortly after the FOMC Minutes were released. Yesterday’s settlements align to create first resistance, but if price action remains below our Pivot and point of balance, we are likely to see the bears hold an edge. As we noted yesterday, if this is the case, we see the door opened for a test of rare major four-star support in the E-mini S&P 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 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.