Morning Express

- Rising Covid worries, and increased restrictions across state and local governments

- Factory Orders at 9:00 am CT


- Fed Governor Clarida and San Francisco Fed President Bowman scheduled to speak at 1:00 pm CT

S&P (September) / NQ (Sept)


- Yesterday’s low and gap settlement in the S&P bring major three-star support at 4377.25-4379.75.


- Head and shoulders building in the S&P; July 26th left shoulder, July 29th head, and yesterday right shoulder.


- NQ building a wedge, we referenced each leg previously; overhead trend line from highs and support trend line from May 19th low aligns with already standing major three-star support at 14,850-14,871.


- Momentum indicator in the S&P at 4393 and NQ at 14,950; continued action below here will encourage added weakness carrying from yesterday.


- Taking a slight Bearish Bias but must break below major three-star support in the S&P 4355.75-4359.50, within an undefined “soon” timeframe. Could be negated with decisive action above 4401.50. Close above 4411.75-4414.25 is bullish.

Bias: Neutral/Bearish


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S&P, yesterday’s close: Settled at 4379.75, down 9.75


Resistance: 4401.50**, 4411.75-4414.25***, 4421-4422.50***, 4429**, 4446***


Pivot: 4393


Support: 4386**, 4377.25-4379.75***, 4367.25-4370.75**, 4355.75-4359.50***

NQ, yeterday’s close: Settled at 14,952.75, down 3.00


Resistance: 15,040-15,056***, 15,098-15,134***, 15,206**, 15,271***


Pivot: 14,950-14,980


Support: 14,930*, 14,850-14,871***, 14,750-14,790***, 14,692-14,722***

Crude Oil (September)


Yesterday’s close: Settled at 71.26, down 2.69


- Major three-star support held perfectly yesterday but a break below there this morning fully neutralizes uptrend.


- Selling has taken out 50% at 69.62. Close above can neutralize near-term selling.


- Shelf created from July 21st rally aligns at 67.79-68.19 to bring next big support


- Momentum indicator trailing tape at 71.50 and slipping. Session high is 71.96.


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Bias: Neutral


Resistance: 70.56-70.71***, 71.50**, 71.70-71.96***


Pivot: 69.62***


Support: 68.53***, 67.79-68.19***, 67.18**, 66.39**

Gold (December) / Silver (Sept)


- Silver outperforming all metals with Copper and Platinum both down sharply.


- Silver building a bull flag, again pins rare major four-star resistance in the mix at 25.74-25.85; close above is very bullish.


- Gold settled well, but late selling created gap resistance.


- Overall, Gold has held ground at support, but underperforming given Dollar weakness and Treasury strength

Bias: Neutral/Bullish


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Gold, yesterday’s close: Settled at 1822.2, up 5.0


Resistance: 1822.2-1824.5**, 1834.5-1839***, 1854.6-1858.3***


Pivot: 1815


Support: 1808.2-1810.9**, 1801.5-1804.6***, 1793-1796***

Silver, yesterday’s close: Settled at 25.575, up 0.028


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


Pivot 25.46


Support: 25.27-25.35***, 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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