Blue Line – Morning Express July 30th, 2021
| – Amazon -7% premarket after missing revenue first time in three years – Amazon’s miss set a tone of weakness overnight – Hang Seng finished lower by 1.35% and Chinese tech names turn south again – Chevron and Exxon top estimates, both up premarket – ABBV, PG, CHTR, CAT all top estimates, reactions mixed – Covid cases in U.S. rise to highest since February, restrictions coming?- Eurozone GDP better than expected – Core PCE for June, the Fed’s preferred inflation indicator, fell shy of expectations at 3.5% YoY and +0.4% MoM. Personal Spending and Income components better. Does this soothe markets? 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. S&P (September) / NQ (Sept) – Continued action below our momentum indicators at 4394 and 14,930 will leave tape heavy – Gap resistance at 4411.75-4414.25 and 15,037 – Unchanged on the week at 4403 and 15,098 – Line in the sand for S&P at 4355.75-4359.50, selling likely to accelerate below here Bias: Neutral/Bullish S&P, yesterday’s close: Settled at 4411.75, up 18.00 Resistance: 4400-4403**, 4411.75-4414.25***, 4421-4422.50***, 4429**, 4446*** Pivot: 4394 Support: 4377-4380**, 4364.75-4367.25**, 4355.75-4359.50***, 4341.50-4346**, 4323.25**, 4299.75**, 4273-4285*** 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. NQ, yeterday’s close: Settled at 15,037.75, up 26.25 Resistance: 14,930**, 14,971**, 15,040***, 15,098-15,134***, 15,206**, 15,271***, 15,336**, 15,547-15,593**** Pivot: 14,850-14,871*** Support: 14,750-14,790***, 14,692-14,722***, 14,516-14,540***, 14,445**, 14,286-14,339*** Crude Oil (September) Yesterday’s close: Settled at 73.62, up 1.23 – EIA weekly tailwinds persist – Weaker U.S. Dollar buoying – Ignoring Covid fears, but traders must not Bias: Neutral Resistance: 73.46-73.62**, 74.69-74.90*** Pivot: 73.21 Support: 72.40-72.64***, 71.65-71.70**, 70.90-71.08**, 70-30-70.56***, 69.60-69.86*** 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. Gold (December) / Silver (Sept) – Monster gains yesterday, now must chew through strong overhead resistance that has so far contained the rally – Silver close above rare major four-star resistance at 25.74-25.85 forms an outside bullish weekly candle – Both Silver and Gold hovering at and below momentum indicators 1832 and 25.64, signaling some near-term exhaustion – Do not want to see first supports give Bias: Bullish/Neutral Gold, yesterday’s close: Settled at 1835.8, up 31.2 Resistance: 1834.5-1839***, 1854.6-1858.3*** Pivot: 1832 Support: 1818.5**, 1810.9**, 1804.6***, 1793-1796*** Silver, yesterday’s close: Settled at 25.782, up 0.905 Resistance: 25.74-25.85****, 26.20**, 26.55-26.72***, 27.24*** Pivot 25.64 Support: 25.35***, 25.19**, 24.99-25.05**, 24.88***, 24.65*** 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. |
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