Is a Broadening of Market Leadership Emerging?
Posted: June 28, 2023, 8:27 a.m.
Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets.
Went out to brokerage clients before the bell
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 4418.75, up 48.50
NQ, last week’s close: Settled at 15,111.50, up 255.00
The bullish seasonal trade for the E-mini S&P started out with a bang, gaining 1.1% on day one. If you buy the S&P on June 27th and hold it through July 23rd it has been profitable 15 out of the last 15 years, averaging 73 points. However, cold water was thrown over the market’s leadership after the bell when the White House said it is considering new restrictions on exports of AI chips to China. NVDA is down more than 3% ahead of the bell, but for now off the worst levels of the session. Although semis have been leaders throughout the year, we have been discussing a broadening of leadership where specialty industrials are beginning to show up. For instance, MTZ, an infrastructure company, is +15% month to date and closed yesterday at two-year highs, ROK, an industrial automation company, is also +15% month to date and closed at 18-month highs, and WAB, a technology-based company in locomotive industry is +14% month to date. All three are owned in portfolios at our investment advisor arm Blue Line Capital. The point is, although we are not ignoring the headwinds, there are many positives within this market, you need to find them.
On a technical basis, each of the E-mini S&P and E-mini NQ held the 21-day moving average, signaling that bullish momentum is still intact. There is strong major three-star resistance in the E-mini S&P at...
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Crude Oil (August)
Yesterday’s close: Settled at 67.70, down 1.67
Crude Oil futures, along with most commodities, continue to struggle to hold any rally attempts. Inventory data will be front and center this morning at 9:30 am CT. Expectations are for -1.757 mb Crude, -0.126 mb Gasoline, and +0.782 mb Distillates. On last night’s private API survey, Crude was -2.4 mb, Gasoline -2.85 mb, and Distillates +0.777 mb. Like many economic indicators, the EIA data in recent weeks has been wonky. Remember to keep a pulse on SPR and Net Imports when diving into the headline reads. This morning’s weakness is testing into major three-star support at...
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Gold (August) / Silver (September)
Gold, yesterday’s close: Settled at 1923.8, down 10.0
Silver, yesterday’s close: Settled at 23.148, up 0.124
Gold and Silver futures are lower this morning. What is new? Although rates have peeled off slightly, the U.S. Dollar is broadly charging against foreign currencies, bringing a direct hit to the metals complex. Gold is now trading at the lowest level since March 13th, and after making a charge that tested its record high, we must see prices hold major three-star support at...
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Silver (July)
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Sign up below for a FREE trial of our daily commentary!
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
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