Covid, Inflation & Amazon Moving Markets | Morning Express

- Amazon -7% premarket after missing revenue first time in three years

- Amazon’s miss set a tone of weakness overnight

- Hang Seng finished lower by 1.35% and Chinese tech names turn south again

- Chevron and Exxon top estimates, both up premarket

- ABBV, PG, CHTR, CAT all top estimates, reactions mixed

- Covid cases in U.S. rise to highest since February, restrictions coming?

- Eurozone GDP better than expected

- Core PCE for June, the Fed’s preferred inflation indicator, fell shy of expectations at 3.5% YoY and +0.4% MoM. Personal Spending and Income components better. Does this soothe markets? Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. S&P (September) / NQ (Sept)

- Continued action below our momentum indicators at 4394 and 14,930 will leave tape heavy

- Gap resistance at 4411.75-4414.25 and 15,037

- Unchanged on the week at 4403 and 15,098

- Line in the sand for S&P at 4355.75-4359.50, selling likely to accelerate below here

Bias: Neutral/Bullish

S&P, yesterday’s close: Settled at 4411.75, up 18.00

Resistance: 4400-4403**, 4411.75-4414.25***, 4421-4422.50***, 4429**, 4446***

Pivot: 4394

Support: 4377-4380**, 4364.75-4367.25**, 4355.75-4359.50***, 4341.50-4346**, 4323.25**, 4299.75**, 4273-4285***

Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. NQ, yeterday’s close: Settled at 15,037.75, up 26.25

Resistance: 14,930**, 14,971**, 15,040***, 15,098-15,134***, 15,206**, 15,271***, 15,336**, 15,547-15,593****

Pivot: 14,850-14,871***

Support: 14,750-14,790***, 14,692-14,722***, 14,516-14,540***, 14,445**, 14,286-14,339*** Crude Oil (September) Yesterday’s close: Settled at 73.62, up 1.23

- EIA weekly tailwinds persist

- Weaker U.S. Dollar buoying

- Ignoring Covid fears, but traders must not

Bias: Neutral

Resistance: 73.46-73.62**, 74.69-74.90***

Pivot: 73.21

Support: 72.40-72.64***, 71.65-71.70**, 70.90-71.08**, 70-30-70.56***, 69.60-69.86*** Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Gold (December) / Silver (Sept)

- Monster gains yesterday, now must chew through strong overhead resistance that has so far contained the rally

- Silver close above rare major four-star resistance at 25.74-25.85 forms an outside bullish weekly candle

- Both Silver and Gold hovering at and below momentum indicators 1832 and 25.64, signaling some near-term exhaustion

- Do not want to see first supports give

Bias: Bullish/Neutral

Gold, yesterday’s close: Settled at 1835.8, up 31.2

Resistance: 1834.5-1839***, 1854.6-1858.3***

Pivot: 1832

Support: 1818.5**, 1810.9**, 1804.6***, 1793-1796*** Silver, yesterday’s close: Settled at 25.782, up 0.905

Resistance: 25.74-25.85****, 26.20**, 26.55-26.72***, 27.24***

Pivot 25.64

Support: 25.35***, 25.19**, 24.99-25.05**, 24.88***, 24.65***

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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.


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