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$QQQ $SPY Trades New Session Highs | Midday Market Minute | 05.06.22

Posted: May 6, 2022, 12:36 p.m.


Jobs Friday! There was strong growth with 400k added, with contained wage growth. As of writing, the Nasdaq is 350 points higher than the low of the day. 4062 was the low of the day in the S&P, and traded to a session high to the 38.2% retracement of the Wednesday high. Where do we need to close above today to continue strength?

SUPPORT & RESISTANCE LEVELS OUTLINED IN OUR MORNING EXPRESS RESEARCH 

Crude Oil has been constructive, remaining bullish as long as we are above $107. Is Natural Gas a tailwind for Crude?

Neel Kashkari, of the St. Louis Fed, has a neutral rate of 2%, which he wants to achieve by year end.

Gold and Silver are in a lull, but are basing.



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Futures trading involves a 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.

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