Today's Playbook - Blue Line Morning Express
Morning Express

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E-mini S&P (September)

Last weeks close:Settled at 2919.75, down 20.25 on Friday and down 12.75 on the week

Fundamentals:U.S benchmarks are pointing lower to start the week with a number of factors weighing on sentiment. The U.S-China trade war and a weaker Yuan are the usual suspects. Today, protesters in Hong Kong took to the airport causing all remaining flights out to be cancelled. Unrest and violence within the heart of the city is growing and expanding, increasing the pressure on Beijing to respond; the world is watching. Italy is also under the microscope after Deputy Prime Minister Salvini called for immediate elections citing that the Lega and Five Star Movement coalition no longer have a majority in parliament. There is ongoing friction between the two parties and Salvinis Lega is leading the polls as he does not want to leave the Euro. The Lega filed a no-confidence motion they hope to move on this week.

The Chinese Yuan touched a new low against the U.S Dollar to start the week and this of late has been a barometer to the broader market. Upon weakening, it encourages selling. When stable, the market rallies. Goldman Sachs though did not do the trade war narrative any favors over the weekend. They lowered their growth forecast in Q4 by 20-bps to 1.8% and cited mounting uncertainty and eroding sentiment due to the trade war that ultimately increase the likeliness of a recession.

Todays economic calendar is quiet, and tomorrow will bring a crucial wave. German ZEW Economic Sentiment data is released early and expected to worsen to the lowest level since December 2011. Core CPI will be the highlight and analysts anticipate this inflation gauge to remain stable.

Technicals:Our major three-star resistance levels in both the S&P and NQ withheld a test overnight and each of the last two sessions. For the S&P this is 2932.50-2944.25 and the NQ this is 7702.25-7735.75. Price action is off sharply trekking to new swing lows. First key support in the S&P comes in at 2899-2901.75 and sustained price action below here will pave a path of leas resistance down to...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

Crude Oil (September)

Last weeks close:Settled at 54.50, up 1.96 on Friday and down 1.16 on the week.

Fundamentals:Crude Oil is back in the green after a less than stellar start to the week. Price action followed the broader risk-environment lower but comments from both Iranian and Iraqi Foreign Ministers that foreign ships in the Persian Gulf increase tension have seemed to help things turn a corner. Also, news that Saudi Aramco will purchase a 20% stake of Indias Reliance has lifted sentiment in the energy sector; a heavily invested Aramco reinvigorating talks of an IPO does not want to see a weak market. There are conflicting gravitational pulls in the market, but if equities also turn a corner, there is higher from here to go in Crude Oil.

Technicals:With price action out above what was major three-star resistance on the week at 53.20-53.69, we introduced a slight Bullish Bias on Friday. Furthermore, this level then became major three-star support and on Friday we said the landscape is bullish out above here. Price action turned down overnight to directly test and hold here; this was a buy opportunity for the bulls. Crude Oil would seem to now target ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

Gold (December)

Last weeks close:Settled at 1508.5, down 1.0 on Friday and up 51.0 on the week

Fundamentals:Gold continues to ride out an extremely favorable fundamental and technical landscape, trading at the highest level since April 2013. Risk-sentiment became distressed overnight for a number of reasons (see S&P section) and this has helped lift safe-havens: Gold, Treasuries and Yen. All the while, volatility has slipped out of the Dollar as it remains rangebound which has provided a tailwind to the more currency dependent Gold and Yen. Todays economic calendar is bare but tomorrow we look to German ZEW Economic Sentiment and U.S CPI, both will set a tone on the yield front.

Technicals:Price action is firm, building a base above the psychological $1500 mark. Last week, we got bulled up as prices came closer to $1500 because the uptrend remains extremely strong. Although, we are unequivocally long-term Bullish, we will remain near-term Bullish until a close below ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.



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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