Your Roadmap Into CPI and the Fed Meeting
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5371.25, up 15.50
NQ, yesterday’s close: Settled at 19,109.75, up 72.00
E-mini S&P and E-mini NQ futures consolidated below their respective record highs set in the post-Nonfarm Payrolls rebound Friday. Given yesterday's lack of additional enthusiasm, today could provide a nice range trade as market participants await tomorrow’s CPI release at 7:30 am CT and the conclusion of the two-day Federal Reserve meeting at 1:00 pm CT, where they release a policy decision, statement, Summary of Economic Projections, and Fed Chair Powell holds a press conference.
Internally, yesterday was a mixed session. AAPL finished lower amid its developer conference, NVDA pared losses on its first day of trading the 10:1 stock split, AMD was downgraded, LLY set a fresh record on its Alzheimer’s drug news, financials were lower and energy was higher.
As we near the U.S. opening bell, both the E-mini S&P and E-mini NQ futures are flirting at their respective pivot and point of balance. Continued action below 5360-5363.75 in the E-mini S&P ushers a retest of the opening bell low from both Friday and Monday at 5341. Similarly, continued action below 19,067 in the E-mini NQ increases the probability of a test of 18,940-18,982. However, a firm tape within the first 30-60 minutes that holds above our Pivot and point of balance could pave the way for an old-school pre-Fed ramp. Given tame CPI expectations and the dovish-leaning results of the last FOMC meeting, this is certainly in the cards.
Bias: Bullish/Neutral
Resistance: 5371.25-5375.75**, 5380-5385.50**, 5400-5406.50***, 5420.75**, 5430.50**, 5449.50***, 5459.75***, 5475.75***
Pivot: 5360-6363.75
Support: 5357**, 5348.25-5351.25**, 5339.75-5341**, 5328-5331.25***, 5322**, 5312.50-5316.50***, 5304-5306.50***, 5295.25-5298**, 5286.50-5288***
NQ (June)
Resistance: 19,121-19,155***, 19,208**, 19,319-19,322***, 19,414***, 19,507***
Pivot: 19,067
Support: 19,017-19,034**, 18,940-18,982***, 18,854-18,880***, 18,800-18,819**, 18,753-18,756***, 18,701***
Micro Bitcoin (June)
Yesterday’s close: Settled at 69,875, up 120
Bias: Neutral
Resistance: 68,600-68,850***, 69,755-69,875***, 70,415-70,515**, 71,160**, 71,650-71,890**, 72,635-72,825***, 73,685****, 76,685-77,000***
Pivot: 67,780-68,035****
Support: 66,898-67,030***, 65,995**, 65,067**, 63,236-63,325***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves 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.
S&P, yesterday’s close: Settled at 5371.25, up 15.50
NQ, yesterday’s close: Settled at 19,109.75, up 72.00
E-mini S&P and E-mini NQ futures consolidated below their respective record highs set in the post-Nonfarm Payrolls rebound Friday. Given yesterday's lack of additional enthusiasm, today could provide a nice range trade as market participants await tomorrow’s CPI release at 7:30 am CT and the conclusion of the two-day Federal Reserve meeting at 1:00 pm CT, where they release a policy decision, statement, Summary of Economic Projections, and Fed Chair Powell holds a press conference.
Internally, yesterday was a mixed session. AAPL finished lower amid its developer conference, NVDA pared losses on its first day of trading the 10:1 stock split, AMD was downgraded, LLY set a fresh record on its Alzheimer’s drug news, financials were lower and energy was higher.
As we near the U.S. opening bell, both the E-mini S&P and E-mini NQ futures are flirting at their respective pivot and point of balance. Continued action below 5360-5363.75 in the E-mini S&P ushers a retest of the opening bell low from both Friday and Monday at 5341. Similarly, continued action below 19,067 in the E-mini NQ increases the probability of a test of 18,940-18,982. However, a firm tape within the first 30-60 minutes that holds above our Pivot and point of balance could pave the way for an old-school pre-Fed ramp. Given tame CPI expectations and the dovish-leaning results of the last FOMC meeting, this is certainly in the cards.
Bias: Bullish/Neutral
Resistance: 5371.25-5375.75**, 5380-5385.50**, 5400-5406.50***, 5420.75**, 5430.50**, 5449.50***, 5459.75***, 5475.75***
Pivot: 5360-6363.75
Support: 5357**, 5348.25-5351.25**, 5339.75-5341**, 5328-5331.25***, 5322**, 5312.50-5316.50***, 5304-5306.50***, 5295.25-5298**, 5286.50-5288***
NQ (June)
Resistance: 19,121-19,155***, 19,208**, 19,319-19,322***, 19,414***, 19,507***
Pivot: 19,067
Support: 19,017-19,034**, 18,940-18,982***, 18,854-18,880***, 18,800-18,819**, 18,753-18,756***, 18,701***
Micro Bitcoin (June)
Yesterday’s close: Settled at 69,875, up 120
Bias: Neutral
Resistance: 68,600-68,850***, 69,755-69,875***, 70,415-70,515**, 71,160**, 71,650-71,890**, 72,635-72,825***, 73,685****, 76,685-77,000***
Pivot: 67,780-68,035****
Support: 66,898-67,030***, 65,995**, 65,067**, 63,236-63,325***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.