Blue Line – Morning Express August 31st, 2021
– The U.S. has completely exited Afghanistan – China Manufacturing PMI avoids contraction at 50.1, but slower than 50.2 expected – China Services PMI contracts for first time since February 2020 at 48.9 – Eurozone is grabbing headlines early; YoY CPI highest since 2011 at 3.0% versus 2.7% – ECB policymaker, and hawk, Holzmann said ECB should slow PEPP purchases in Q4 – Data overnight showed Japan’s Aluminum stockpiles fell 11% MoM. Prices surge to decade high. According to Bloomberg, Goldman Sachs raised price targets for Aluminum, Zinc, and Nickel. This comes after China cuts production due to pollution. – OPEC+ meeting will begin tomorrow. Committee said despite added production this year at the planned pace of 400,000 bpd, stockpiles will draw. – Case Shiller Home Price Index due at 8:00 am CT – Chicago PMI at 8:45 am CT – CB Consumer Confidence out at 9:00 am CT. Bill Baruch joined CNBC’s Trading Nation yesterday to lay out one of his best trade ideas for September. Here is a hint: it is a hedge. E-mini S&P (September) / NQ (Sept) S&P, yesterday’s close: Settled at 4525.25, up 19.75 NQ, yesterday’s close: Settled at 15,597.50, up 171.00 – Strong session yesterday, extended gains to new records overnight, but S&P set to open about 0.5% from overnight highs and below yesterday’s post-bell rally low. – Major three-star support in S&P comes in at 4502.25-4505.50 and aligns with intraday gap from Friday’s close. – Similar major three-star support in NQ at 15,426-15,499 – Momentum indicators are denoted as our Pivots and for the S&P aligns with previous resistance that it did not settle above yesterday. Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Bias: Neutral Resistance: 4540.25-4543.50***, 4575.50** Pivot: 4525.75-4529*** Support: 4509-4510.50**, 4502.25-4505.50***, 4488.50-4492.25***, 4471-4473.75**, 4462.50-4466.50***, 4454.25-4455.25**, 4434-4437*** NQ (September) Resistance: 15,634-15,677***, 15,905**, 16,000-16,046*** Pivot: 15,600 Support: 15,426-15,449***, 15,364-15,397*, 15,274-15,308***, 15,150-15,194*** Crude Oil (October) Last yesterday’s close: Settled at 69.21, up 0.47 – Bill Baruch joined CNBC’s Trading Nation yesterday to discuss the impact of Hurricane Ida and OPEC+ – Price action stalled into resistance yesterday, and left a wide range bar; today’s close technically critical ahead of a very fundamental day tomorrow. – Slower than expected China Manufacturing weighed on sentiment early last night, but expect OPEC+ volatility – Pivot is our momentum indicator, some near-term exhaustion while below here – First key support at 68.25 has contained waves of selling Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Bias: Neutral Resistance: 69.02-69.39**, 69.64-69.79*** Pivot: 68.77 Support: 68.25**, 67.42-67.77***, 66.62-66.92**, 66.00**, 65.64-65.69*** Gold (December) / Silver (December) Gold, yesterday’s close: Settled at 1812.2, down 7.3 Silver, yesterday’s close: Settled at 24.006, down 0.104 – Gold and Silver failed to follow through overnight Sunday and started on their backfoot during U.S. hours – Strong overhead resistance has so far contained rally attempts despite a weaker U.S. Dollar – Overnight jump on base metal discussion, but tightening conversation out of Eurozone offset gains – Supports are underpinning a consolidation as Gold and Silver digest Friday’s rally – Pivots and point of balance on a closing basis will be crucial in signaling near-term exhaustion Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Bias: Neutral Resistance: 1822.5**, 1835-1840*** Pivot: 1816.5 Support: 1808.9***, 1798-1801.5**, 1791.4**, 1780-1784*** Silver (Dec) Resistance: 24.24-24.38***, 24.68-24.85***, 25.64*** Pivot: 24.08 Support: 23.80-23.88***, 23.30-23.42*** |
You can sign up for a free trial here: https://www.bluelinefutures.com/free-trial
https://www.bluelinefutures.com
