$QQQ and $SPY Stop Recent Decline | Midday Market Minute | 5.23.22
Posted: May 23, 2022, 12:47 p.m.
Stocks are rebounding nicely off of the lows from Friday, but at the end of the day, we NEED a close above previous highs to continue strength. There are positive signs on a bottom, as the S&P got back above the overnight high (3955, and stuck its head above 3975), our next level of resistance. One thing to note is the Nasdaq has NOT followed suit, trading below the overnight high as of writing.
**Check out our Daily Morning Express Research**
Crude Oil has remained above resistance, paving the way to higher highs after consolidation.
Gold & Silver are trading off of their highs, but they are building constructive bases. This comes from positive tailwinds of a declining US Dollar. From a Market Technicians perspective, the US Dollar has reached the .382 Fibonacci Retracement Level (Drawn from the contract highs to the January lows). This aligns closely to the breakout level of 100.50.
Tune In for Bill's price levels in Copper!
Sign up for a 14-day, no-obligation free trial of our proprietary research with actionable ideas!
Free Trial
Start Trading with Blue Line Futures
Subscribe to our YouTube Channel
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!
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
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial