The NQ and Bitcoin have broken out have bullish technical patterns and Bill Baruch is back at the NYSE for the CNBC Halftime Report, for the hour. Do not miss it at 11:00 am CT!

E-mini S&P (December) / E-mini NQ (December)

S&P, yesterday’s close: Settled at 6098.50, up 35.25

NQ, yesterday’s close: Settled at 21,536.50, up 255.00

E-mini NQ futures confirmed the breakout on a closing basis yesterday, and AMZN was the latest Mag 7 to set a fresh record high, but NVDA had the most notable day in the group, +3.5%. There are now two sessions to go, including Nonfarm Payroll on Friday, for the E-mini NQ to confirm what we see as a very significant breakout on a weekly closing basis.

Today, we look to weekly Initial Jobless Claims at 7:30 am CT, along with Trade Balance data. While additional Fed speak will trickle out, we heard from Fed Chair Powell yesterday, who did speak less negatively on the labor market while acknowledging that the committee must cut rates more to get to neutral. On the heels of yesterday’s ADP and a miss on Services PMI, the odds of a rate cut on December 18th have risen to 74%, according to the CME FedWatch Tool. Ultimately, today will set the stage for tomorrow’s Nonfarm Payroll report.

ADP Payrolls, the private survey giving the first glimpse of November jobs data was released at 7:15 am CT. It came in at 146k, below the 166k expected, while October was revised from 233k to 184k. Services data is up next with the final SPGI PMI read for November at 8:45 am CT, and the more closely watched ISM report at 9:00 am CT. Later in the day, all eyes will be on comments from Fed Char Powell at 12:45 pm CT.

With the E-mini NQ breaking out, we noted yesterday that we will use our Pivot and point of balance at 21,340-21,341, to define the bulls being clearly in the driver’s seat as the session and week unfold, and doing such will continue to confirm the breakout and place a first target on the E-mini NQ of 21,566-21,569. Here we are, basically testing the target this morning, and in addition, the E-mini S&P has stuck its nose above 6100, hitting key resistance. Today, we believe higher prices will be ushered with continued price action above our new Pivot and point of balance in the..

Want to keep up with the market? 

Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox.

Sign Up for Free Futures Market Research – Blue Line Futures 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.