Morning Express: Trading the Post-Witching and Pre-Fed Rebound
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5182.75, down 35.25 on Friday and 9.75 on the week
NQ, last week’s close: Settled at 18,058.75, down 213.00 on Friday and 238.50 on the week
E-mini S&P and E-mini NQ futures are snapping back from pre-expiration selling Friday morning and an unenthusiastic weekly close. Yes, there is arguably some frothiness, the risk appetite may be getting a bit exhausted, and the Federal Reserve’s policy meeting looms overhead, but let’s not forget that the market is in a bull trend. Price action in the E-mini S&P above Thursday’s gap settlement at 5218 will be seen as bullish in the near-term and similarly a move above major three-star resistance in the E-mini NQ at 18,297-18,342 is likely to garner fresh buying. Additionally, given this overnight levitation, Friday’s settlement and lows will provide a line in the sand on the week.
Bias: Neutral/Bullish
Resistance: 5226**, 5230.75-5232.50**, 5241.50-5243.50***, 5252.75-5257.25***, 5267.75**, 5279.25**, 5315.75***
Pivot: 5218
Support: 5207.50-5208.75**, 5198.75-5203**, 5185-5188***, 5180.25**, 5167.75-5172.75***, 5156.75-5161.25***, 5148.75*, 5121-5125.75***, 5094.75-5100***, 5055-5056.50****
NQ (June)
Resistance: 18,297-18,342***, 18,398-18,430***, 18,462-18,482**, 18,541-18,584***, 18,644-18,700***
Pivot: 18,255
Support: 18,203-18,229**, 18,161-18,172**, 18,075**, 18,019**, 17,910-17,932**, 17,767-17,870****
Check out the Full Article on: Morning Express: Trading the Post-Witching and Pre-Fed Rebound - Blue Line Futures
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