A Major Rotation or Proper Pullback?
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5517.00, down 17.25
NQ, yesterday’s close: Settled at 19,750.75, down 232.00
E-mini S&P and E-mini NQ futures finished lower to start the week but there was a stark difference in price action across sectors. The E-mini S&P’s -0.3% was certainly dragged by tech with the SMH (Semis) plunging by -3.4%. However, gains across XLF (Financials) +0.63%, XLV (Healthcare) +0.19%, XLE (Energy) +1.7%, and XLU (Utilities) +0.5%, glued the session together. In fact, E-mini Dow futures notched a positive session at +0.66%. At the onset of today and as we stare down the final trading days of Q2, it begs the question whether this is the start of a significant rotation or just simply a healthy pullback in the market darlings.
What we do know is the E-mini NQ traded into our rare major four-star support at 19,732-19,757 late yesterday and price action has so far responded. There is also a significant area of support in the E-mini S&P defined below as the market leans into 5500, aligning multiple levels with the consolidation pennant from June 12-14th. Look for responsive action in the first hour of today’s trade and it could set a bullish tone accompanied by potential window-dressing into the quarter’s end.
Bias: Neutral/Bullish
Resistance: 5531.50-5535**, 5541.50-5545.75**, 5551-5552.50**, 5555.50-5558.50***, 5563.75**, 5576.75***, 5584.50-5588**, 5620.75**, 5762.75***
Pivot: 5525.75-5527
Support: 5517-5519***, 5510.25-5511**, 5498.75-5503***, 5489.75-5492.75***, 5465.60***, 5448.25-5449.25***, 5427.50-5430.75***
NQ (September)
Resistance: 19,914**, 19,958-19,965***, 19,982-19,996***, 20,025-20,031**, 20,068-20,080***,
Pivot: 19,818-19,825
Support: 19,732-19,757****, 19,649**, 19,426-19,497****
Micro Bitcoin (June)
Yesterday’s close: Settled at 59,145, down 5,115
Bias: Neutral
Resistance: 61,700**, 62,750-62,960**, 63,236-63,325***, 64,095-64,260
Pivot: 60,605-60,800
Support: 59,500-59,685**, 57,695-58,385****
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 5517.00, down 17.25
NQ, yesterday’s close: Settled at 19,750.75, down 232.00
E-mini S&P and E-mini NQ futures finished lower to start the week but there was a stark difference in price action across sectors. The E-mini S&P’s -0.3% was certainly dragged by tech with the SMH (Semis) plunging by -3.4%. However, gains across XLF (Financials) +0.63%, XLV (Healthcare) +0.19%, XLE (Energy) +1.7%, and XLU (Utilities) +0.5%, glued the session together. In fact, E-mini Dow futures notched a positive session at +0.66%. At the onset of today and as we stare down the final trading days of Q2, it begs the question whether this is the start of a significant rotation or just simply a healthy pullback in the market darlings.
What we do know is the E-mini NQ traded into our rare major four-star support at 19,732-19,757 late yesterday and price action has so far responded. There is also a significant area of support in the E-mini S&P defined below as the market leans into 5500, aligning multiple levels with the consolidation pennant from June 12-14th. Look for responsive action in the first hour of today’s trade and it could set a bullish tone accompanied by potential window-dressing into the quarter’s end.
Bias: Neutral/Bullish
Resistance: 5531.50-5535**, 5541.50-5545.75**, 5551-5552.50**, 5555.50-5558.50***, 5563.75**, 5576.75***, 5584.50-5588**, 5620.75**, 5762.75***
Pivot: 5525.75-5527
Support: 5517-5519***, 5510.25-5511**, 5498.75-5503***, 5489.75-5492.75***, 5465.60***, 5448.25-5449.25***, 5427.50-5430.75***
NQ (September)
Resistance: 19,914**, 19,958-19,965***, 19,982-19,996***, 20,025-20,031**, 20,068-20,080***,
Pivot: 19,818-19,825
Support: 19,732-19,757****, 19,649**, 19,426-19,497****
Micro Bitcoin (June)
Yesterday’s close: Settled at 59,145, down 5,115
Bias: Neutral
Resistance: 61,700**, 62,750-62,960**, 63,236-63,325***, 64,095-64,260
Pivot: 60,605-60,800
Support: 59,500-59,685**, 57,695-58,385****
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.