Managing Markets Reaction to Powell
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5625.25, up 3.75
NQ, yesterday’s close: Settled at 20,659.75, up 39.00
E-mini S&P and E-mini NQ futures settled at a fresh record highs to kick off a long week that begins heating up today. Fed Chair Powell visits Congress for his first of a two-day testimony at 9:00 am CT, before July CPI data is due Thursday. There is additional comments around that time from the Fed Vice Chair of Supervision Barr and Treasury Secretary Yellen, but most interesting is Fed Governor Bowman due to speak at 12:30 pm CT. She is known as the most hawkish voice at the Fed, and it begs the question, is she planned to balance a more dovish Fed Chair Powell? Certainly, we would believe comments from Powell hold more weight.
After a consolidation off early morning highs yesterday, price action in E-mini S&P and E-mini NQ futures ramped in the final hour, led by tech. This is easily distinguished from the E-mini Dow’s silence. We highlight major three-star support aligning that late afternoon low with unchanged on the week at 5619.25-5621.50 in the E-mini S&P and 20,617-20,621 in the E-mini NQ. Furthermore, price action is firm above our near-term momentum indicator detailed as our Pivot and point of balance below. We believe continued price action above here as the day unfolds stokes higher prices.
Bias: Bullish/Neutral
Resistance: 5640.50**, 5673.25***
Pivot: 5630
Support: 5625.25-5626**, 5619.25-5621.50***, 5615**, 5605-5608.25**, 5585-5590.25***, 5574.50-5576.75**, 5563.75-5569.75****
NQ (September)
Resistance: 20,770**, 21,000-21,016****
Pivot: 20,685-20,694
Support: 20,617-20,621***, 20,588-20,600**, 20,496-20,523***, 20,411-20,428***, 20,373**, 20,216-20,274****
Micro Bitcoin (July)
Yesterday’s close: Settled 56,755, up 70
Bias: Neutral/Bullish
Resistance: 58,130-58,845***, 59,825-60,390***
Pivot: 56,755-57,200
Support: 54,455-55,190***, 53,215-53,205**, 51,687-51,750****, 47,770-49,430***
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 5625.25, up 3.75
NQ, yesterday’s close: Settled at 20,659.75, up 39.00
E-mini S&P and E-mini NQ futures settled at a fresh record highs to kick off a long week that begins heating up today. Fed Chair Powell visits Congress for his first of a two-day testimony at 9:00 am CT, before July CPI data is due Thursday. There is additional comments around that time from the Fed Vice Chair of Supervision Barr and Treasury Secretary Yellen, but most interesting is Fed Governor Bowman due to speak at 12:30 pm CT. She is known as the most hawkish voice at the Fed, and it begs the question, is she planned to balance a more dovish Fed Chair Powell? Certainly, we would believe comments from Powell hold more weight.
After a consolidation off early morning highs yesterday, price action in E-mini S&P and E-mini NQ futures ramped in the final hour, led by tech. This is easily distinguished from the E-mini Dow’s silence. We highlight major three-star support aligning that late afternoon low with unchanged on the week at 5619.25-5621.50 in the E-mini S&P and 20,617-20,621 in the E-mini NQ. Furthermore, price action is firm above our near-term momentum indicator detailed as our Pivot and point of balance below. We believe continued price action above here as the day unfolds stokes higher prices.
Bias: Bullish/Neutral
Resistance: 5640.50**, 5673.25***
Pivot: 5630
Support: 5625.25-5626**, 5619.25-5621.50***, 5615**, 5605-5608.25**, 5585-5590.25***, 5574.50-5576.75**, 5563.75-5569.75****
NQ (September)
Resistance: 20,770**, 21,000-21,016****
Pivot: 20,685-20,694
Support: 20,617-20,621***, 20,588-20,600**, 20,496-20,523***, 20,411-20,428***, 20,373**, 20,216-20,274****
Micro Bitcoin (July)
Yesterday’s close: Settled 56,755, up 70
Bias: Neutral/Bullish
Resistance: 58,130-58,845***, 59,825-60,390***
Pivot: 56,755-57,200
Support: 54,455-55,190***, 53,215-53,205**, 51,687-51,750****, 47,770-49,430***
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.