Why Is It A 'Show Me' Week for Markets?
Please note, we are referencing the June futures and do not roll until Tuesday of each quarterly expiration week.
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5437.50, down 1.00 on Friday and up 81.75 on the week
NQ, last week’s close: Settled at 19,685.50, up 83.00 on Friday and 647.75 on the week
The E-mini S&P and E-mini NQ finished at new weekly records on Friday and closed higher for the sixth and seventh week out of the last eight, respectively. We have certainly not been ones to shy away from calling this a stock pickers market, finding many names outside the lauded “Mag 7” to hang our hats on, however, we find the latest breadth deterioration concerning. With economic data, earnings, and the June Fed meeting in the rear-view mirror, this will be a critical week. Will the Industrial sector continue to roll over, will the Consumer Discretionary sector build out a head and shoulders top. Look at the E-mini Dow, it is still 3.5% from its March record high and the E-mini Russell finished Friday at the lowest level since May 1st. The sectors absolutely matter, but the top six names (MSFT, AAPL, NVDA, GOOG, AMZN, META) now account for 30% of the S&P, and right here we are talking about index futures. Price action has built out nice support in the E-mini S&P at and around 5400, detailed below. If we see continued construction out above this area and, furthermore, strength in the E-mini NQ out above 19,685-19,691, then there is no reason to think the party is over, and our Bias will remain more Bullish.
Bias: Bullish/Neutral
Resistance: 5444-5447***, 5452.50-5454.50***, 5459.75***, 5475.75***
Pivot: 5430.50-5438.50
Support: 5424.25-5426.25**, 5413-5417**, 5408.50***, 5395.75-5397**, 5384-5387.50****, 5370.50-5375.75**, 5355.75-5359.25***
NQ (June)
Resistance: 19,882**, 20,000****
Pivot: 19,685-19,691
Support: 19,629-19,649**, 19,557-19,563**, 19,496-19,507****, 19,433**, 19,349-19,374***, 19,242-19,279**** 19,187-19,208**, 19,136-19,155***
Micro Bitcoin (June)
Last week’s close: Settled at 65,640, down 1,220 on Friday and 4,115 on the week
Bias: Neutral
Resistance: 67,200-67,290**, 67,515-67,735**, 68,375-68,855***
Pivot: 66,450
Support: 65,565-65,640***, 65,067-65,205**, 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.
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5437.50, down 1.00 on Friday and up 81.75 on the week
NQ, last week’s close: Settled at 19,685.50, up 83.00 on Friday and 647.75 on the week
The E-mini S&P and E-mini NQ finished at new weekly records on Friday and closed higher for the sixth and seventh week out of the last eight, respectively. We have certainly not been ones to shy away from calling this a stock pickers market, finding many names outside the lauded “Mag 7” to hang our hats on, however, we find the latest breadth deterioration concerning. With economic data, earnings, and the June Fed meeting in the rear-view mirror, this will be a critical week. Will the Industrial sector continue to roll over, will the Consumer Discretionary sector build out a head and shoulders top. Look at the E-mini Dow, it is still 3.5% from its March record high and the E-mini Russell finished Friday at the lowest level since May 1st. The sectors absolutely matter, but the top six names (MSFT, AAPL, NVDA, GOOG, AMZN, META) now account for 30% of the S&P, and right here we are talking about index futures. Price action has built out nice support in the E-mini S&P at and around 5400, detailed below. If we see continued construction out above this area and, furthermore, strength in the E-mini NQ out above 19,685-19,691, then there is no reason to think the party is over, and our Bias will remain more Bullish.
Bias: Bullish/Neutral
Resistance: 5444-5447***, 5452.50-5454.50***, 5459.75***, 5475.75***
Pivot: 5430.50-5438.50
Support: 5424.25-5426.25**, 5413-5417**, 5408.50***, 5395.75-5397**, 5384-5387.50****, 5370.50-5375.75**, 5355.75-5359.25***
NQ (June)
Resistance: 19,882**, 20,000****
Pivot: 19,685-19,691
Support: 19,629-19,649**, 19,557-19,563**, 19,496-19,507****, 19,433**, 19,349-19,374***, 19,242-19,279**** 19,187-19,208**, 19,136-19,155***
Micro Bitcoin (June)
Last week’s close: Settled at 65,640, down 1,220 on Friday and 4,115 on the week
Bias: Neutral
Resistance: 67,200-67,290**, 67,515-67,735**, 68,375-68,855***
Pivot: 66,450
Support: 65,565-65,640***, 65,067-65,205**, 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.