Market Overview – Morning Express
Market Overview – Morning Express
E-mini S&P (September) / NQ (September)
S&P, yesterday’s close: Settled at 5503.00, up 4.00
NQ, yesterday’s close: Settled at 19,209.25, up 34.75
The week begins to heat up with Microsoft, the largest company in the world by market cap, reporting earnings after the bell. On Thursday, April 25th, Microsoft, along with Alphabet, reported earnings after the bell and helped mark the start of a turning point in the broader indices. Similar to the current landscape, after a tremendous first quarter, the S&P and NQ were going through a healthy pullback, colliding with earnings, a Fed meeting, and Nonfarm Payrolls. The evening prior, Meta had just missed earnings due to monumental spending and finished that Thursday -10.56%. But this monumental spending echoed an ‘AI arms race’; spend or fall behind. Microsoft reported a solid quarter and finished +1.97 on Friday, while Alphabet blew the doors off and gained 9.97% to finish the week. We all know what happened in the months to follow; the market bottomed in the ensuing week with help from a dovish tone from Fed Chair Powell and strong earnings from Apple and Amazon. Ultimately, once many earnings and macro uncertainties were removed, the S&P and NQ went on to fresh record highs. Fast forward to now, Alphabet set a softer tone last week due to similar spending fears (as Meta then). Is it now Microsoft’s turn to step to the plate with its own blowout quarter?
Macro is also front and center as we look to the Case Shiller Home Price Index at 8:00 am CT, followed by JOLTs (Job Openings) and CB Consumer Confidence at 9:00 am CT. Tonight, we have a Bank of Japan policy meeting and a slate of PMI data out of China. Of course, this all leads into tomorrow’s Federal Reserve policy decision.
Through yesterday’s opening bell, price action in the E-mini S&P and E-mini NQ futures failed again at major three-star resistance (adjusted) at 5533.25-5534.50 and 19,348-19,390. These levels will stand as a critical line in the sand that can either stoke the tape to unfold as a bear flag or, if resistance is surrendered, open the door to a healthy rebound and repair. Yesterday’s session can be defined as a consolidation, and one that held increasingly important supports that were retested overnight. We see what unfolded as constructive, but ideally, we see today’s price action remain at arm’s length from support and buoyant above our Pivot and point of balance that aligns as our momentum indicator and is defined in the E-mini S&P as … Click here to get our (FULL) daily reports emailed to you!
Crude Oil (September)
Yesterday’s close: Settled at 75.81, down 1.35
WTI Crude Oil futures continue to trade unenthusiastically and have edged to the lowest level since June 10th. Despite a firm open Sunday night on Middle East tensions, traders are clearly focused on impending economic data from China tonight and fear that OPEC+ may decrease supply cuts in the coming months. The cartel holds a meeting later this week.
Price action sliced through precious support, now resistance at 76.04-76.40 and is now eyeing major three-star support at 74.55-74.91. The bears have gained an upper-hand in this struggle and will hold such while price action remains below our Pivot and point of balance which aligns with our momentum indicator at … Click here to get our (FULL) daily reports emailed to you!
Gold (December) / Silver (September)
Gold, yesterday’s close: Settled at 2425.5, down 2.4
Silver, yesterday’s close: Settled at 27.866, down 0.154
Gold and Silver slipped sharply through the U.S. opening bell and the London settlement, but did find buoyancy as the day unfolded. Economic data from the U.S. will be front and center as we look to the Case Shiller Home Price Index at 8:00 am CT, followed by JOLTs (Job Openings) and CB Consumer Confidence at 9:00 am CT. Tonight, we have a Bank of Japan policy meeting and a slate of PMI data out of China. This all leads into tomorrow’s Federal Reserve policy decision.
As Gold and Silver consolidate off yesterday’s low, it will be crucial to respond constructively to support levels listed below and hold out above our Pivot and point of balance, which aligns with our momentum indicator in Gold at … Click here to get our (FULL) daily reports emailed to you!
Micro Bitcoin (August)
Yesterday’s close: Settled at 67,880, down 915
Bias: Bullish/Neutral
Resistance: 68,775**, 71,125***
Pivot: 67,800-68,100
Support: 66,395-66,921**, 64,506-65,390****
Click here to get our (FULL) daily reports emailed to you!
Follow us on Twitter: @BlueLineFutures
Follow us on Facebook: Blue Line Futures Facebook page
Subscribe to our YouTube channel: Blue Line Futures YouTube channel
If you have any questions about markets, trading, or opening an account, please let us know!
You can email us at info@BlueLineFutures.com or call 312-278-0500
Futures trading involves a substantial risk of loss and may not be suitable for all investors. 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.
https://www.bluelinefutures.com
20240730
