Stocks Slammed, Is a Reprieve In Order?
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5104.00, down 63.50
NQ, yesterday’s close: Settled at 17,876.25, down 303.00
E-mini S&P and E-mini NQ futures finished sharply lower for the second day in a row as both geopolitics and rising rates act as major headwinds to investors’ risk appetite. We are viewing this pullback as healthy and timely with price action in both testing into the aftermath of NVDA’s February 21st earnings report, which was a pivotal catalyst in the market’s next leg higher. While we do not view the driving narratives (geopolitics and rates) to be stale, we do believe a reprieve in prices is in order? Major three-star resistance in the E-mini S&P comes in at 5127-5131.75, and this is a modest first target upon an attempted rebound, with 5147.25-5153.75 marking a 50% back into the week’s range. To the downside, a failure to hold first key support at 5094 would erode this thesis and encourage another wave of selling. As for the E-mini NQ, the February 21st settlement comes in at 17,767 and stands as a line in the sand that has so far withstood an overnight test, but a break below here would also encourage added selling.
Bias: Neutral/Bullish
Resistance: 5120-5123**, 5127-5131.75***, 5147.25-5153.75***, 5162.75-5167.25***, 5182-5185.50**, 5207.75-5213***
Pivot: 5104-5112.25
Support: 5094**, 5081.25**, 5069.50-5075***, 5044-5055****, 5026-5027.25**, 5018**, 4983.50-4994.25****
NQ (June)
Resistance: 17,938**, 18,005-18,072****, 18,131-18,167***, 18,226-18,254***, 18,326-18,343***
Pivot: 17,881
Support: 17,841-17,867**, 17,767-17,792****
Micro Bitcoin (April)
Yesterday’s close: Settled at 63,560, down 3,610
Bias: Neutral/Bullish
Resistance: 64,660-64,890***, 67,170-67,595***, 68,590*, 70,410-70,800**, 71,795-71,815**, 72,110-72,530**, 73,410-73,600***
Pivot: 63,700
Support: 62,535**, 61,632-61,680***, 60,830**, 57,410-58.250***
Check out CME Group real-time data plans available on TradingView here: www.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 www.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 5104.00, down 63.50
NQ, yesterday’s close: Settled at 17,876.25, down 303.00
E-mini S&P and E-mini NQ futures finished sharply lower for the second day in a row as both geopolitics and rising rates act as major headwinds to investors’ risk appetite. We are viewing this pullback as healthy and timely with price action in both testing into the aftermath of NVDA’s February 21st earnings report, which was a pivotal catalyst in the market’s next leg higher. While we do not view the driving narratives (geopolitics and rates) to be stale, we do believe a reprieve in prices is in order? Major three-star resistance in the E-mini S&P comes in at 5127-5131.75, and this is a modest first target upon an attempted rebound, with 5147.25-5153.75 marking a 50% back into the week’s range. To the downside, a failure to hold first key support at 5094 would erode this thesis and encourage another wave of selling. As for the E-mini NQ, the February 21st settlement comes in at 17,767 and stands as a line in the sand that has so far withstood an overnight test, but a break below here would also encourage added selling.
Bias: Neutral/Bullish
Resistance: 5120-5123**, 5127-5131.75***, 5147.25-5153.75***, 5162.75-5167.25***, 5182-5185.50**, 5207.75-5213***
Pivot: 5104-5112.25
Support: 5094**, 5081.25**, 5069.50-5075***, 5044-5055****, 5026-5027.25**, 5018**, 4983.50-4994.25****
NQ (June)
Resistance: 17,938**, 18,005-18,072****, 18,131-18,167***, 18,226-18,254***, 18,326-18,343***
Pivot: 17,881
Support: 17,841-17,867**, 17,767-17,792****
Micro Bitcoin (April)
Yesterday’s close: Settled at 63,560, down 3,610
Bias: Neutral/Bullish
Resistance: 64,660-64,890***, 67,170-67,595***, 68,590*, 70,410-70,800**, 71,795-71,815**, 72,110-72,530**, 73,410-73,600***
Pivot: 63,700
Support: 62,535**, 61,632-61,680***, 60,830**, 57,410-58.250***
Check out CME Group real-time data plans available on TradingView here: www.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 www.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.