Indices Build on Momentum After Clearing Resistance
Do not miss Bill Baruch's daily video posted to his Twitter (X), LinkedIn, and Instagram after the close, follow him at @Bill_Baruch.
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday's close: Settled at 6371.00, up 45.75
NQ, yesterday's close: Settled at 23,422.75, up 290.75
E-mini S&P futures nearly traded within 0.5% of last Thursday's record high, and the E-mini NQ within 1%. Indices ramped higher yesterday, led by AAPL, which gained 5.1% after it announced an additional $100 billion investment in U.S. manufacturing, totaling $600 billion. AMZN pitched in, adding 4% as it rebounds from its post-earnings swoon. The strength carried in the overnight after President Trump held a press conference highlighting Apple's investment and announcing a 100% tariff on chips imported into the U.S. Yes, you got that right, counterintuitively the 100% tariff may have bolstered strength in tech as Trump also announced an exemption as long as the company commits to building in the U.S. With conditions for this commitment extremely loose markets have perceived a business friendly and GDP powering program. Although much remains to be seen, and leaves more questions than answers, the current bullish momentum that was reinvigorated Monday is carrying for now.
Initial Jobless Claims snapped a seven-week streak of beats, and hit a four-week high at still a very subdued 226k, versus 221k expected. Nonfarm Productivity q/q came in stronger at +2.4%, building on a revised lower Q1 at -1.8% versus -1.5%. Unit Labor Costs were in line with expectations +1.6%, building on a revised strong Q1 at +6.9% versus +6.6%. We now look to a deluge of Fed speak and a 30-year Bond auction at noon CT.
E-mini S&P futures have cleared major three-star resistance at 6396.25-6402.50, and this will now act as key support; steady action above here will feed the bullish case, inviting additional buyers. Similarly, E-mini NQ futures cleared major three-star resistance at 23,421-23,483, which will now act as major three-star support as it aligns with settlement. Below, the E-mini S&P has major three-star support aligning with the previous ceiling and will act as a line in the sand defining the immediacy of the bullish momentum, detailed below. Let us not ignore strong overhead resistance, as there is no shortage of damage created from last Thursday's reversal that must be repaired, and the supply that price action must chew through. We have two levels in proximity for the E-mini S&P at…
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.
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
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
19 minutes ago
- CTV News
Meta taps PIMCO, Blue Owl for US$29 billion data centre expansion project, source says
Meta's logo is seen on a sign at the company's headquarters in Menlo Park, Calif. (AP Photo/Godofredo A. Vásquez, File) Meta has tapped U.S. bond giant PIMCO and alternative asset manager Blue Owl Capital to spearhead a US$29 billion financing for its data center expansion in rural Louisiana, a person familiar with the matter told Reuters. PIMCO will handle about $26 billion of debt, likely to be issued in the form of bonds, while Blue Owl will contribute $3 billion in equity, the person said, speaking on condition of anonymity. Bloomberg News, which first reported the deal, said that the company has been working with Morgan Stanley to raise funds, while Apollo Global Management and KKR were also in the running to lead the deal until the closing stage of negotiations. Meta, PIMCO and Blue Owl declined to comment on the report. The deal comes as Meta looks for partners to help fund its AI infrastructure push. Last week, the company said in a filing that it planned to offload about $2 billion in data center assets as part of a co-development strategy to share the costs of building facilities for generative AI. In July, Meta CEO Mark Zuckerberg said that the company would spend hundreds of billions of dollars to build several massive AI data centers for its superintelligence unit, intensifying his pursuit of a technology he has chased with a talent war for top engineers. Its first multi-gigawatt data center, dubbed Prometheus, is expected to come online in 2026, while another, called Hyperion, will be able to scale up to 5 GW over the coming years, Zuckerberg said in a post last month on his Threads social media platform. In June, the Financial Times reported that Meta was seeking to raise $29 billion from private capital firms to build AI data centers in the U.S., adding that the company is debating how to structure the debt raise and is also evaluating options to raise more capital. (Reporting by Surbhi Misra and Chandni Shah in Bengaluru; Editing by Alan Barona and Sonia Cheema)
CTV News
19 minutes ago
- CTV News
Will Trump's 100 per cent tariff on computer chips create jobs?
Watch Financial commentator John Erlichman on how U.S. President Trump's 100 per cent chip tariff may affect consumers and jobs.
Globe and Mail
19 minutes ago
- Globe and Mail
Here's Why Navitas Semiconductor Shares Slumped This Week
Key Points The key to the investment case is its exciting partnership with Nvidia to develop the architecture for the next generation of data centers. Navitas investors can start thinking about a big jump in sales in 2027, and possibly profitability thereafter. 10 stocks we like better than Navitas Semiconductor › Shares in Navitas Semiconductor (NASDAQ: NVTS) fell by 14.7% in the week to Friday morning. The move comes in a week when the company released its second-quarter results. What happened to Navitas Semiconductor The earnings were in line with analyst expectations, but the magnitude of the losses may have reminded investors that it will be a while before Navitas turns profitable. In addition, the need to raise capital to support investment resulted in the sale of 20 million shares. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » As such, investors need to get used to the idea that the company will make losses over the next few years, and raising capital via equity sales can dilute existing shareholders' claim on future profits and cash flows. What it means to investors The points above help remind investors that Navitas is a growth stock in its early stages. Still, that's no bad thing. The case for buying the stock is based on its partnership with Nvidia to support the next generation of 800V data centers. The new data centers have a fundamentally different architecture, notably in terms of how power is converted from the grid to the IT rack, and Navitas' silicon carbide (SiC) and gallium nitride (GaN) solutions can play a key role in the power train architecture. CEO Gene Sheridan believes Navitas' technologies "can support a 100x increase in server rack power capacity for AI data centers" -- a significant enhancement and one that will help address the question of power demand to fuel AI data centers. According to the earnings release, "initial customer evaluations are complete with final engineering samples expected in Q4," and management anticipates "final supplier selections and system designs completed in 2026 in advance of volume production in 2027." That's when investors can start to think about profitability for Navitas. Should you invest $1,000 in Navitas Semiconductor right now? Before you buy stock in Navitas Semiconductor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Navitas Semiconductor wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $635,544!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,099,758!* Now, it's worth noting Stock Advisor's total average return is 1,046% — a market-crushing outperformance compared to 181% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
