E-mini S&P (December) / E-mini NQ (December)

S&P, yesterday’s close: Settled at 6679.25, up 34.25

NQ, yesterday’s close: Settled at 24,550.75, up 199.75

E-mini S&P and E-mini NQ futures have extended their ranges higher. It has continuously been a clean handoff from leader to leader; AAPL early August, cyclicals late August, GOOG and AVGO beginning a run early September, ORCL’s tech boost, and TSLA’s five-day 17% run, not to mention GS has also added 7% in the last five days. It’s hard to believe the S&P is only +13% YTD, but breadth certainly has not been a strong suit over the last month. In fact, yesterday highlights negative breadth in the S&P despite those new record highs.

As the Fed begins its two-day policy meeting today, set to conclude tomorrow at 1:00 pm CT, the economic calendar focuses on Retail Sales this morning. This August report, along with Import/Export prices, is due at 7:30 am CT. Industrial Production is out at 8:15 am CT, and Business Inventories follows at 9:00 am CT. The Atlanta Fed GDPNow model will update at 11:30 am CT.

December E-mini S&P futures traded to a high of 6696.75 overnight, just shy of the round 6700 mark, and the December E-mini NQ futures traded just shy of the 24,698 Fibonacci extension resistance (all resistance levels in uncharged territory are detailed below). Given the higher tape, yesterday’s settlement prices will align as our Pivot and point of balance; continued price action above here keeps the bulls in the driver’s seat. First key supports come in…

Want to keep up with the market? 

Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox.

SIGN UP FOR 2-WEEKS OF FREE RESEARCH

Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.