Today's Playbook - Blue Line Morning Express
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E-mini S&P (June)

Yesterdays close:Settled at 2862, down 16.50 on Friday and down 25.00 on the week

Fundamentals:Equity markets around the globe are under pressure and tech is leading the way lower. The NQ is down more than 1% and has now swung 2% from its session high after an upbeat start last night. U.S tech companies have followed through on Washingtons ban of Huawei by boycotting business with the Chinese tech giant. Leading the charge is Qualcomm and Broadcom both down more than 4%, but losses are broadly across the board from of NVIDIA to Google and Apple. U.S and China trade tensions will remain the key driver of market sentiment once again this week and Huawei is another sign that conditions have deteriorated.

Chicago Fed National Activity came in lower than expected this morning. Today, we look to a line-up of Fed speakers. Philadelphia Fed President Harker speaks at 8:30 am CT, he is not a voter in 2019 but is next year. Fed Governor Clarida and NY Fed President Williams, both voters, speak at 12:05 pm CT. Tonight, all eyes will be on Fed Chair Powell who takes the stage at 6:00 pm CT.

Technicals:Another rally attempt stalled Friday and a firm tape again last night was batted down on deteriorating fundamentals. Regardless of the immediate driver, price action has solidified a technical ceiling near 2900. A heavy tape this morning is now below the 2861.50-2869.25 pivot point and faces major three-star support at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Crude Oil (July)

Yesterdays close:Settled at 62.92, down 0.14 on Friday and up 1.12 on the week

Fundamentals:Crude Oil opened higher last night after the Saudi Oil Minister pointed to support over the weekend to extend OPECs production cap deal. However, Russia has seemingly poured a bit of cold water over these comments by saying discussions are ongoing. Regardless, the broader risk-environment has taken a sharp turn south on ongoing U.S and China trade tensions now centered on tech. Seasonally, this is the last week of a bullish push and last nights high was the third session in a row with a higher high; there is certainly a bit of disappointment given the turnaround but we would not be surprised to see a gasp for air ahead of inventories and/or one final push after the June contract falls off the board tomorrow. Not to mention, tensions in the Middle East are still very present.

Technicals:Weve been upbeat on Crude and we are not going to turn our Bias just yet after this retreat. However, we will hold cautious optimism on a technical basis given the daily construction. Still, we would begin Neutralizing our Bias upon a failure to hold ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Gold (June)

Yesterdays close:Settled at 1275.7, down 10.5 on Friday and down 11.7 on the week

Fundamentals:Gold finished the week nearly $30 from its high in what was a brutal reversal and failure above $1300. The Dollar Index gained about 1% on the week which brought pressure, but the 30-year Treasury (supportive to Gold) gained just as much. According to the CMEs FedWatch Tool, there is a 73.1% probability the Fed cuts rates this year. Overall, the Dollar is stronger because its the best house on the block; weakness in its pairs. This should be a fairly supportive environment for Gold, but the real hurdle continues to be the Chinese Yuan which lost 1.4% against the Dollar last week and has lost 2.6% on the month. Chicago Fed National Activity came in lower than expected this morning. Today, we look to a line-up of Fed speakers. Philadelphia Fed President Harker speaks at 8:30 am CT, he is not a voter in 2019 but is next year. Fed Governor Clarida and NY Fed President Williams, both voters, speak at 12:05 pm CT. Tonight, all eyes will be on Fed Chair Powell who takes the stage at 6:00 pm CT.

Technicals:Gold finished below support at 1279.1-1280.8 on Friday and this opens the door for further pressures. Against todays low of 1273.3, there is a ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary 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