E-mini S&P (September)
Yesterday’s close: Settled at 2989, up 12.00
Fundamentals: U.S benchmarks firmed-up yesterday from Friday’s late selloff and are extending gains this morning after President Trump announced a bipartisan deal to lift the debt ceiling and boost spending. With Congress set for summer break after this week and not returning until the week after Labor Day, finding common ground to avoid another shutdown was crucial. Both parties agreed that liquidity dried up late last year at the onset of the government shutdown and avoiding such was a top priority. The deal is expected to make its way through a Congressional vote before being signed by the President.
We expect earnings ahead of the bell to set a tone today. To name a few, Coca-Cola, United Technologies, Lockheed Martin and Biogen are all up strongly after beating estimates and raising forecasts. Visa, Chipotle, Texas Instruments and others report after the close.
On the economic calendar, the House Price Index is due at 8:00 am CT. Existing Home Sales and Richmond Fed Manufacturing are released at 9:00 am CT. There is a 2-year Note auction at noon CT. The odds of a 50-basis point rate cut by the Fed next week have decreased to 21%.
Technicals: Stocks are in an uptrend; this is undeniable, and this is why we have kept a minor Bullish Bias though reaching what we noted as exhaustion levels and upon pullbacks. As we noted here, we would be buyers as low as ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and level.
Crude Oil (September)
Yesterday's close: Settled at 56.22, up 0.46
Fundamentals: Crude Oil is stable just below a crucial level of technical resistance. While Iran tensions are ever-present, traders are cautious ahead of U.S supply numbers and with Libya as expected bringing the Sharara Oilfield back to full production. The IMF released their World Economic Outlook and stable projections should help keep a buyers interested. API is due after the bell today at 3:30 pm CT.
Technicals: Yesterday’s early session high stalled perfectly at major three-star resistance at... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and level.
Yesterday’s close: Settled at 1426.9, up 0.2
Fundamentals: Gold is recovering from an overnight dip and battling U.S Dollar strength fairly well. The Dollar Index is up more than 0.5% as the odds for a 50-basis point rate cut next week dissipate. Existing Home Sales are due at 9:00 am CT and a 2-year Note auction is at noon CT in an otherwise quiet economic calendar. The Fed is in their quiet period as they prepare for next week’s policy meeting. Things should pick up tomorrow with Flash PMI data for June from Europe and the U.S.
Technicals: Price action has not been able to close above 1432.9 and thus we cannot increase our Bullish Bias. The trend is up, but a failure to breakout above what was a developing wedge leaves Gold vulnerable to waves of selling, just as we saw last night. We have adjusted our support levels and while support at 1420.2-1421.5 is still crucial on a closing basis, we do not want to see an intraday move below major three-star support at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and level.
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